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The gross profit as a percentage of sales is always 40%Based on these figures, what is the sales revenue for the year?
Drake is a sole trader who does not keep full accounting records. The following details relate to his transactions with credit customers and suppliers for the year ended 31 December 20X9.
Trade receivables, 1 January 20X9
Trade payables, 1 January 20X9
Cash received from customers
Cash paid to suppliers
Amount due from a customer who is also a supplier offset against
an amount due for goods supplied by him
Trade receivables, 31 December 20X9.
Trade payables, 31 December 20X9.
Her trading account for the year ended 31 July 20X9 included the following figures:
Opening inventory at cost
Closing inventory at cost
Net assets at 1 April 20X8
Drawings during 20X8
Capital introduced during 20X8
Net assets at 31 March 20X9
Based on this information, what was Wanda's profit for the year ended 31 March 20X9?
Inventories at 1 January 20X9
Inventories at 31 December 20X9
Gross profit percentage on sales = 25%
Based on this information, what was the trader's sales figure for the year?
1. Opening inventory $39,000
2. Closing inventory $15,000
3. Purchases $102,300
4. Standard gross profit percentage on sales revenue40%Which of the following is the sales figure for the year calculated from these figures?
His capital at 1 April 20X8 was $6,500. What was his capital at 31 March 20X9?
The following information is available:
Inventory 1 April 20X9 : $352,000
Sales for April 20X9 : $713,000
Purchases for April 20X9 : $501,000
Inventory in good condition at 30 April 20X9 : $205,000
Standard gross profit percentage on sales is 30%
Based on this information, what is the value of inventory lost?
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