Darius Lowe gives you the following information as at 31 March 2024: His mark-up is 40% on
Question:
Darius Lowe gives you the following information as at 31 March 2024:
His mark-up is 40% on ‘cost of goods sold’. His average inventory during the year was £14,000. Draw up an income statement for the year ending 31 March 2024 assuming his net profit amounts to 15% of his sales.
Transcribed Image Text:
Inventory 1 April 2023 Purchases 12,000 72,000
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To prepare an income statement for Darius Lowe for the year ending 31 March 2024 we need to calculat...View the full answer
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Frank Woods Business Accounting An Introduction To Financial Accounting
ISBN: 9781292365435
15th Edition
Authors: Alan Sangster, Lewis Gordon, Frank Wood
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