Calculate the value of shakira purchases in the year

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Question: Mary started business on 1 December 2021 with capital of $6,000. She has not yet prepared a full set of financial statements. As at the end of her first reporting period, 30 November 2022, she has cash at bank of $1,350. She made sales of $28,000 during the period and paid expense in cash of $18,000. She has no outstanding payables at the end of the period, and has no non- current assets or inventory, but one customer owes her $2,365. Assuming Mary made no other capital injections but took drawings of $14,000 in the period, calculate her profit for the 12 months reporting period to 30 November 2022 and her total owner's equity at the end of the period on an accrual basis. Show your working. (8 Marks) (b) In the year to 30 October 2022, Shakira's sales were $182,000. All of her sales were made at a gross profit of $54,600. Her opening inventory value was $1 1,800 and her closing inventory value was $9,700. Calculate the value of Shakira's purchases in the year to 30 October 2022. Show your working

Reference no: EM133372398

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