Omar imports picture frames from India. He prepares accounts to 30 April each year. In the year ending April 2020 he records the following totals for trading transactions: € Revenue 347,348 Purchases 240,153 Import duties 6,043 Operating expenses 5,467 2,971 7,500 Sales returns Drawings Purchase returns 1,800 Omar's opening inventory at 1 May 2019 was £43,730 and his closing inventory at 30 April 2020 was £41,180. What is Omar's net profit for the year? a. £104,050 b.£94,306 C. £91.964

Omar imports picture frames from India. He prepares accounts to 30 April each year. In the year ending April 2020 he records the following totals for trading transactions: € Revenue 347,348 Purchases 240,153 Import duties 6,043 Operating expenses 5,467 2,971 7,500 Sales returns Drawings Purchase returns 1,800 Omar's opening inventory at 1 May 2019 was £43,730 and his closing inventory at 30 April 2020 was £41,180. What is Omar's net profit for the year? a. £104,050 b.£94,306 C. £91.964

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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