The following information is available for the year ended 31 December 20X4 for a trader who does notkeep proper accounting records:$38,00045,000637,000Inventories at 1 January 20X4Inventories at 31 December 20X4PurchasesGross profit percentage on sales = 30%Based on this information, what was the trader's sales figure for the year?

We have the following information: Inventories at 1 January 20X4: $38,000 Inventories at 31…

The following information is available for the year ended 31 December 20X4 for a trader who does not keep proper accounting records: Inventories at 1 January 20X4 Inventories at 31 December 20X4 Purchases $ 38,000 45,000 637,000 Gross profit percentage on sales = 30% Based on this information, what was the trader's sales figure for the year?

The following information is available for the year ended 31 December 20X4 for a trader who does not keep proper accounting records: Inventories at 1 January 20X4 Inventories at 31 December 20X4 Purchases $ 38,000 45,000 637,000 Gross profit percentage on sales = 30% Based on this information, what was the trader's sales figure for the year?

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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