A companys Statement of financial position reports its receivables as shown. In each of the following independent
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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%
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Related Book For
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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