For all goods sold, a business applies a mark-up of 25%. Information for the year ended 30 June is given below. receipts from credit customers $284300 opening trade receivables $22100 closing trade receivables $26500 cash used for business expenses and drawings $52400 discount allowed to credit customers $1200 closing cash balance $500 Cash receipts from cash sales were applied to business expenses and drawings. Any cash left over was transferred into the cash account. At the start of the year, the cash balance was nil. What was the total sales value for the year?
- A$340400
- B$341600
- C$342800
- D$428500