Gce Model Questions Vol1 2023 Financial Accounting Question 32
Practice objective / multiple choice question 32 from the 2023 Gce Model Questions Vol1 Financial Accounting examination.
A company's sales for the year were \(£120,000\). Opening inventory was \(£15,000\) and closing inventory \(£18,000\). Purchases amounted to \(£55,000\). Operating expenses incurred were salaries \(£20,000\), rent \(£5,000\) and an accrued utility expense of \(£1,200\) not yet recorded. The company's equipment cost \(£28,800\) and has a useful life of 8 years with no residual value, and is depreciated on a straight‑line basis. Calculate the net profit for the year.
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About This Question
This is Gce Model Questions Vol1 2023 Financial Accounting Question 32. It is one of the objective questions from the 2023 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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