Sadia sells car first aid kits by mail order. The cost to her of each kit purchased from the manufacturer is £12.50. Her selling price per kit is £18.25. At the beginning of August 20X1 she has 180 kits in inventory. She sells 250 kits during August 20X1 and has 153 left in inventory at the end of the month. How many first aid kits has Sadia purchased in August 20X3?

Sadia sells car first aid kits by mail order. The cost to her of each kit purchased from the manufacturer is £12.50. Her selling price per kit is £18.25. At the beginning of August 20X1 she has 180 kits in inventory. She sells 250 kits during August 20X1 and has 153 left in inventory at the end of the month. What is Sadia’s gross profit for the month of August 20X3?

. During his trading year to 31 December 20X3 Solomon sells 19 000 units of inventory at £29.75 each. His gross profit on each unit is £7.50. He purchased inventory during the year at a total cost of £435 655. At 31 December 20X3 his stocktaking shows that he has 2560 units still in inventory. What was the value of Solomon’s opening inventory on 1 January 20X3?

A bookshop based in Ilford pays a supplier, Patel Wholesale Ltd, the amounts owed in cash. The entries in the supermarket account should be:

The following are extracts from an income statement for the year-end December 2020 What is the Gross Profit?

December 2020 £000

Sales revenue 10,000

Cost of sales (8,500)

Distribution costs (300)

Administrative expenses (200)

Net interest paid (150)

Taxation (500)

Dividends (100)

Which one of the following user groups is likely to require the most detailed financial information?

A company has Net trading profits of £10,000,000, tax £1,000,000, income from other operations of £3,000,000, its gross profit is:

An example of a non-current asset is:

. For a company Gross profits are £145m, opening stock is £10m closing stock is £13m and purchases are £8m, what are Revenues?

Ethan is a dog biscuit wholesaler. He sells goods to Eli, a pet shop owner, for £5000. Eli discovers that exactly half of the consignment is mouldy, and returns the substandard biscuits to Ethan. Two of the following statements about Ethan’s and Eli’s accounting are true:

1. Ethan’s sales returns are increased by £2500

2. Eli’s sales returns are increased by £2500

3. Ethan’s purchases returns are increased by £2500

4. Eli’s purchases returns are increased by £2500 Which of the statements are true?

Elmira sells goods on credit, requiring payment within 30 days. Because she, typically, does not receive payment for between 45 and 60 days from most of her customers, she decides to offer a discount of 0.3% for early payment. One of her customers, Ellington Clipboard Limited, takes advantage of the discount and sends a cheque for £5982 to settle an invoice of £6000 sent by Elmira

How is the discount dealt with in Elmira’s statement of profit or loss?

Evangeline is a wholesaler of exclusive babies’ clothing, some of which is imported from the USA. In her trading year ended 31 December 20X7, Evangeline’s revenue is £305 210. Other relevant figures:

£ Sales returns 1 450

Purchases 181 033

Import duties on purchases 5 633

Opening inventory at 1 January 20X7 16 460

Closing inventory at 31 December 20X7 16 921

Which of the following is correct? Evangeline’s gross profit for the year ended 31 December 20X7 is:

In the statement of profit or loss, discounts received are:

Etta’s records include the following totals for her accounting year ended 31 August 20X6: £ Expenses 96 777 Opening inventory at 1 September 20X5 47 270 Purchase returns 944 Sales returns 1 227 Discounts received 126 Revenue 527 487 Purchases 376 213 Closing inventory at 31 August 20X6 45 211 Which of the following is correct? Etta’s net profit for the year ended 31 August 20X6 is: