Accounting – 5.6 Incomplete records | e-Consult
5.6 Incomplete records (1 questions)
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(a) Gross Profit:
Gross Profit = Sales Revenue - Cost of Services
Gross Profit = £250,000 - £100,000 = £150,000
(b) Trade Payables:
Trade Payables = Cost of Services + (Closing Debtors - Opening Debtors)
Trade Payables = £100,000 + (£35,000 - £20,000) = £100,000 + £15,000 = £115,000