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

Preparation of financial statements — practice question

A sole trader’s cost of sales is $240\,000, and the gross profit margin is 20%. What is the sales figure for the year?

  • A$280\,000$
  • B$288\,000$
  • C$300\,000$
  • D$320\,000$

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