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1. The following information relates to Paul Enterprise for the year ended 30 June 2010:
Dr Cr
$ $
Returns 23,640 32,460
Purchases and sales 368,440 765,490
Carriage outwards 2,340
Carriage inwards 1,230
Opening inventory 56,430
Given that the gross profit for the year was $403,760, the closing inventory would be
A. $44,440.
B. $55,550.
C. $56,550.
D. $66,660.
2. The following information relates to Matthew's business for the year ended 31 December 2009:
$
Opening inventory 37,200
Carriage inwards 3,300
Carriage outwards 4,400
Purchases 567,000
Sales 934,560
Returns inwards 34,750
Returns outwards 43,570
Closing inventory 111,600
3. In accounting records, sales are recorded at ________________, while purchases are recorded
at _________________.
A. cost; the selling price
B. cost; cost
C. the selling price; cost
D. the selling price; the selling price
4. If opening inventory is $34,776, the cost of goods sold is $366,665, and closing inventory is
$85,432, purchases for the year would be
A. $417,321.
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B. $316,009.
C. $246,457.
D. $486,873.
Required:
Draw up an income statement for the year ended 30 April 2010 and a balance sheet as that
date (vertical style). (16 marks)
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