The following information was extracted from the financial statement of Barry for the year ended 31 December 2020. RM Sales 437,500 Opening inventories 17,500 Closing inventories 26,250 Cost of sales 262,500 Other income 3,750 Expenses 61,250 Current liabilities 47,250 Trade receivables 39,375 Bank 8,750 Cash 31,500 Required: (a) Show the formulae and compute the value of the following for Barry: (i) Purchases (ii) Gross profit (iii)Net Profit
The following information was extracted from the financial statement of Barry for the year ended 31 December 2020. RM Sales 437,500 Opening inventories 17,500 Closing inventories 26,250 Cost of sales 262,500 Other income 3,750 Expenses 61,250 Current liabilities 47,250 Trade receivables 39,375 Bank 8,750 Cash 31,500 Required: (a) Show the formulae and compute the value of the following for Barry: (i) Purchases (ii) Gross profit (iii)Net Profit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 1
The following information was extracted from the financial statement of Barry
for the year ended 31 December 2020.
RM
Sales 437,500
Opening inventories 17,500
Closing inventories 26,250
Cost of sales 262,500
Other income 3,750
Expenses 61,250
Current liabilities 47,250
Trade receivables 39,375
Bank 8,750
Cash 31,500
Required:
(a) Show the formulae and compute the value of the following for Barry:
(i) Purchases
(ii) Gross profit
(iii)Net Profit
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