Long has a 70% interest in Short. Their statements of income for the year ended 31 March 20x8are reported as follows: Long Short £ £ Revenue 361,300 162,500 Cost of sales 240, 000 95, 600During the year Long has sold goods to Short invoiced at £45,000 which was cost plus 20%. Bythe year end, Short had sold one quarter of those goods. What is the group gross profit to bereported in the consolidated statement of comprehensive income? Question 5 Answer a. £182,575 b. £185, 075 c. £182, 075 d. £180,075

A company's income statement, which indicates whether it is profitable or not, offers important…

Long has a 70% interest in Short. Their statements of income for the year ended 31 Mar are reported as follows: Long Short £ £ Revenue 361,300 162,500 Cost of sales 240,000 During the year Long has sold goods to Short invoiced at £45,000 which was cost plus: the year end Short had sold one quarter of those goods. What is the group gross profit

Long has a 70% interest in Short. Their statements of income for the year ended 31 Mar are reported as follows: Long Short £ £ Revenue 361,300 162,500 Cost of sales 240,000 During the year Long has sold goods to Short invoiced at £45,000 which was cost plus: the year end Short had sold one quarter of those goods. What is the group gross profit

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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