The draft accounts of Collister Co. for the year ended 31st Dec 2020 include the following: Revenue $80,000 Gross profit $20,000 It was subsequently discovered that revenue had been understated by $10,000 and closing inventory overstated by $5,000. After correction of these errors the gross profit percentage margin will be (to 1 d.p.)?

The draft accounts of Collister Co. for the year ended 31st Dec 2020 include the following: Revenue $80,000 Gross profit $20,000 It was subsequently discovered that revenue had been understated by $10,000 and closing inventory overstated by $5,000. After correction of these errors the gross profit percentage margin will be (to 1 d.p.)?

Name: The draft accounts of Collister Co. for the year ended 31st Dec 2020 i
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Description: The draft accounts of Collister Co. for the year ended 31st Dec 2020 include the following:Revenue $80,000Gross profit $20,000It was subsequently discovered that revenue had been understated by $10,000 and closing inventory overstated by $5,000.After

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 15EB: Tanke Company reported net income on the year-end financial statements of $850,200. However, errors...

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