Following information is available for the year 2005, calculate gross profit ratio: $ Cash Sales 25,000 Credit 75,000 Purchases : Cash 15,000 Credit 60,000 Carriage Inwards 2,000 Salaries 25,000 Decrease in Stock 10,000 Return Outwards 2,000 Wages 5,000

Following information is available for the year 2005, calculate gross profit ratio: $ Cash Sales 25,000 Credit 75,000 Purchases : Cash 15,000 Credit 60,000 Carriage Inwards 2,000 Salaries 25,000 Decrease in Stock 10,000 Return Outwards 2,000 Wages 5,000

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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Question

Following information is available for the year 2005, calculate gross profit ratio:

Cash Sales 25,000

Credit 75,000

Purchases : Cash 15,000

Credit 60,000

Carriage Inwards 2,000

Salaries 25,000

Decrease in Stock 10,000

Return Outwards 2,000

Wages 5,000

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