Sasha has prepared a draft statement of profit or loss for her business as follows: $ $ Sales 256,800 Cost of sales Opening inventory 13,400 Purchases 145,000 Closing inventory (14,200) ––––––– (144,200) –––––––– Gross profit 112,600 Expenses (76,000) –––––––– Net profit 36,600 –––––––– Sasha has not yet recorded the following items: • Carriage in of $2,300 • Discounts received of $3,900 • Carriage out of $1,950 After these amounts are recorded, what are the revised values for gross and net profit of Sasha’s business?
Sasha has prepared a draft statement of profit or loss for her business as follows: $ $ Sales 256,800 Cost of sales Opening inventory 13,400 Purchases 145,000 Closing inventory (14,200) ––––––– (144,200) –––––––– Gross profit 112,600 Expenses (76,000) –––––––– Net profit 36,600 –––––––– Sasha has not yet recorded the following items: • Carriage in of $2,300 • Discounts received of $3,900 • Carriage out of $1,950 After these amounts are recorded, what are the revised values for gross and net profit of Sasha’s business?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sasha has prepared a draft statement of profit or loss for her business as follows:
$ $
Sales 256,800
Cost of sales
Opening inventory 13,400
Purchases 145,000
Closing inventory (14,200)
––––––– (144,200)
––––––––
Gross profit 112,600
Expenses (76,000)
––––––––
Net profit 36,600
––––––––
Sasha has not yet recorded the following items:
• Carriage in of $2,300
• Discounts received of $3,900
• Carriage out of $1,950
After these amounts are recorded, what are the revised values for gross and net profit of
Sasha’s business?
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