Answered: What is Jousif's gross profit for his…

Business

Accounting

What is Jousif's gross profit for his first year of trading?

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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Question

Jousif has not kept accounting records for his first year of trading.He has purchased $65,000 of goods during the year and has $5,000 of goods left in inventory at the end of the year. All sales are made at a mark-up on cost of 40%.

What is Jousif's gross profit for his first year of trading?

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