The following information was extracted from the financial statement of Barry for the year ended 31 December 2020. RM Sales 437,500 Opening inventories 17,500 Closing inventories 26,250 Cost of sales 262,500 Other income 3,750 Expenses 61,250 Current liabilities 47,250 Trade receivables 39,375 Bank 8,750 Cash 31,500 Required: (a) Show the formulae and compute the value of the following for Barry: (i) Purchases (ii) Gross profit (iii)Net Profit

The following information was extracted from the financial statement of Barry for the year ended 31 December 2020. RM Sales 437,500 Opening inventories 17,500 Closing inventories 26,250 Cost of sales 262,500 Other income 3,750 Expenses 61,250 Current liabilities 47,250 Trade receivables 39,375 Bank 8,750 Cash 31,500 Required: (a) Show the formulae and compute the value of the following for Barry: (i) Purchases (ii) Gross profit (iii)Net Profit

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 63BE: Asset Efficiency Ratios Rumsford Inc.s financial statements for 2019 indicate the following account...

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