Accounting 9706 · AS & A Level · Preparation of financial statements

Preparation of financial statements — practice question

For the year ending 31 December, a trader gives the financial details below. Gross margin: $20\%$ Cost of goods sold: $220000$ Drawings: $7000$ Profit for the year: $28000$ Calculate the expenses.

  • A$9000
  • B$16000
  • C$20000
  • D$27000

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