The following information is available for Martha, a sole trader who does not keep full accounting...
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The following information is available for Martha, a sole trader who does not keep full accounting records: $ Inventory January 1, 2020 138,600 Inventory December 31, 2020 148,100 Purchases made for the year ended December 31, 2020 715,100 Martha makes a standard gross profit percentage of 30% in sales Based on these figures, what is Martha's sales figure for the year ended December 31, 2020? Select one: a. $1.008.000 O b. $2.352.000 0 c. $1.038,000 L d. $917,280 O Which of the following events that took place after the reporting date, but before the financial statements were approved, are adjusting when applying IAS 10 Events after the reporting period? (1) The bankruptcy of a credit customer with a balance outstanding at the end of the reporting period (2) A decline in the market value of investments (3) The declaration of an ordinary dividend (4) The determination of the cost of assets purchased before the end of the reporting period Select one: O a. 1, 3 and 4 only O b. 3 and 4 only c. 1 and 2 only d. I and 4 only The following information is available for Martha, a sole trader who does not keep full accounting records: $ Inventory January 1, 2020 138,600 Inventory December 31, 2020 148,100 Purchases made for the year ended December 31, 2020 715,100 Martha makes a standard gross profit percentage of 30% in sales Based on these figures, what is Martha's sales figure for the year ended December 31, 2020? Select one: a. $1.008.000 O b. $2.352.000 0 c. $1.038,000 L d. $917,280 O Which of the following events that took place after the reporting date, but before the financial statements were approved, are adjusting when applying IAS 10 Events after the reporting period? (1) The bankruptcy of a credit customer with a balance outstanding at the end of the reporting period (2) A decline in the market value of investments (3) The declaration of an ordinary dividend (4) The determination of the cost of assets purchased before the end of the reporting period Select one: O a. 1, 3 and 4 only O b. 3 and 4 only c. 1 and 2 only d. I and 4 only
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Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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