The Sandy Bay is a trader in sand. On December 31, 2010 the closing inventory was completely destroyed by flood rains. The following information is available: (1) Inventory at December 1, 2010 at cost $31,400 (2) Purchases for December 2010 $55,600 (3) Sales for December 2010 $88,800 (4) Standard mark-up is 25% Based on this information, what was the value of the closing inventory? a. $15,960 b. $17,760
The Sandy Bay is a trader in sand. On December 31, 2010 the closing inventory was
completely destroyed by flood rains. The following information is available:
Based on this information, what was the value of the closing inventory?
The Grey Flannel is a trader in French cologne. The firm operates with a standard mark up
of 2 / 5. What would be the margin?
A Non- Profit Entity has paid Rent of $40,000 for the month of June in its Receipts and
Payment account. At the beginning of the month there was an amount of $5,000 owing,
and by the end of the month the business had prepaid $3,000.
What is the correct amount to be transferred to the Entities Income and Expenditure account?
The following transactions relate to Rashid’s electricity expense ledger account for the year
ended 30 September 2009:
$
Prepayment brought forward 550
Cash paid 5,400
Accrual carried forward 650
What amount should be charged to the income statement in the year ended 30 September 2009 for electricity?
The net income earned by a business in the year ended 31 December 2004 was $10,600.
Equity at January1 2004 was $183,400 and at 31 December 2004 equity was $169,700. The
proprietor took merchandise costing $2,800 for personal use during the year. He also
withdrew a regular amount of cash to cover his living expenses
What is the amount of cash drawings for the year?
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