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What is effect on profit of the year and non-current assets

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Reference no: EM132611701

Sally gives info at end of financial year:

Revenue 44000

Opening inventory 3000

closing inventory 1000

Purchases 32000

expenses 6000

Question 1: what was her percentage gross profit to revenue (gross profit margin)?

9.09% or 11.76% or 22.73% or 29.41%

Question 2: A food retailer purchased a computer and debited cost to purchases account. What is effect on profit of the year and non-current assets (over or understated) and why?

Question 3: Effect of an error on the deficit: proceeds of sale of club equipment were included in the income. Why does it cause an understated effect of error on the deficit.

Reference no: EM132611701

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