The draft accounts of Kale & Co. for the year ended 31st Mar 2022 include the following: Revenue $8,000 Gross profit $2,000. It was subsequently discovered that revenue had been understated by $1,000 and closing inventory overstated by $500.After correction of these errors the gross profit percentage margin will be (to 1 d.p.)?
The draft accounts of Kale & Co. for the year ended 31st Mar 2022 include the following: Revenue $8,000 Gross profit $2,000. It was subsequently discovered that revenue had been understated by $1,000 and closing inventory overstated by $500.After correction of these errors the gross profit percentage margin will be (to 1 d.p.)?
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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The draft accounts of Kale & Co. for the year ended 31st Mar 2022 include the following: Revenue $8,000 Gross profit $2,000. It was subsequently discovered that revenue had been understated by $1,000 and closing inventory overstated by $500.After correction of these errors the gross profit percentage margin will be (to 1 d.p.)?
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