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

Preparation of financial statements — practice question

Katrina started trading on 1 January 2015. For the year ending 31 December 2015, the information provided is: drawings $53500, profit for the year $62700, revenue $1500000, expenses $875000. What was the cost of sales for the year?

A$562300
B$571500
C$678000
D$687700

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