A company’s Statement of financial position reports its receivables as shown. In each of the following independent scenarios, identify the cash inflow from sales in the year ended 30 June 2012:

(a) Its sales were £720,800

(b) Its sales were £988,400 and returns inwards £18,200

(c) Its sales were £920,400, returns inwards £5,500, discount allowed £7,800, and discount reversed £900

(d) Its opening inventory was £328,400, purchases £752,800, closing inventory £412,200 and it effects its sales at prices calculated to yield a gross profit ratio of 25%

Transcribed Image Text:

As at 1 July 2011 As at 30 June 2012 £498,500 £525,400