The accountant for Gizmo Traders provides you with the following information for the financial years ended 31 May 20.2; 31 May 20.3 and 31 May 20.4: 20.4 20.3 20.2 Revenue 800 000 500 000 400 000 Cost of sales (400 000) (300 000) (300 000) Gross profit 400 000 200 000 100 000 The gross profit percentage on sales for the year ended 31 May 20.3 is …
The accountant for Gizmo Traders provides you with the following information for the financial years ended 31 May 20.2; 31 May 20.3 and 31 May 20.4: 20.4 20.3 20.2 Revenue 800 000 500 000 400 000 Cost of sales (400 000) (300 000) (300 000) Gross profit 400 000 200 000 100 000 The gross profit percentage on sales for the year ended 31 May 20.3 is …
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Accounting
The accountant for Gizmo Traders provides you with the following information for the financial years ended 31 May 20.2; 31 May 20.3 and 31 May 20.4:
| 20.4 | 20.3 | 20.2 | |
| Revenue | 800 000 | 500 000 | 400 000 |
| Cost of sales | (400 000) | (300 000) | (300 000) |
| Gross profit | 400 000 | 200 000 | 100 000 |
The gross profit percentage on sales for the year ended 31 May 20.3 is …
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. Don't show the % sign only the numbers (eg: 70.01% is 70.01)
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