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As at 31 December 2014 the records are as follows: At the beginning of the year Accounts Receivable was $100,000, Inventory was $200,000, and Accounts Payable was $110,000. At the end of the year Accounts Receivable were $115,000 and Accounts Payable was $88,000. A physical stocktake at 31 December 2014 revealed that inventory costing $100,000 was on hand. Cash received from customers was $2,000,000. Cash paid to suppliers was $1,808,000. The gross profit for the year ending 31, December 2014 is: a. $140,000 b. $300,000 c. $229,000 d. $129,000 e. None of the above.

As at 31 December 2014 the records are as follows: At the beginning of the year Accounts Receivable was $100,000, Inventory was $200,000, and Accounts Payable was $110,000. At the end of the year Accounts Receivable were $115,000 and Accounts Payable was $88,000. A physical stocktake at 31 December 2014 revealed that inventory costing $100,000 was on hand. Cash received from customers was $2,000,000. Cash paid to suppliers was $1,808,000. The gross profit for the year ending 31, December 2014 is: a. $140,000 b. $300,000 c. $229,000 d. $129,000 e. None of the above.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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As at 31 December 2014 the records are as follows: At the beginning of the year Accounts Receivable was $100,000, Inventory was $200,000, and Accounts Payable was $110,000. At the end of the year Accounts Receivable were $115,000 and Accounts Payable was $88,000. A physical stocktake at 31 December 2014 revealed that inventory costing $100,000 was on hand. Cash received from customers was $2,000,000. Cash paid to suppliers was $1,808,000. The gross profit for the year ending 31, December 2014 is: a. $140,000 b. $300,000 c. $229,000 d. $129,000 e. None of the above.
Transcribed Image Text:As at 31 December 2014 the records are as follows: At the beginning of the year Accounts Receivable was $100,000, Inventory was $200,000, and Accounts Payable was $110,000. At the end of the year Accounts Receivable were $115,000 and Accounts Payable was $88,000. A physical stocktake at 31 December 2014 revealed that inventory costing $100,000 was on hand. Cash received from customers was $2,000,000. Cash paid to suppliers was $1,808,000. The gross profit for the year ending 31, December 2014 is: a. $140,000 b. $300,000 c. $229,000 d. $129,000 e. None of the above.
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