Given that sales are R1 000 000, cost of sales is 15% of sales. Cost of sales is R150 000 and gross profit would be R1 050 000. Select one: O True False 2 The statement of financial position reports on investments and distributions to the business owners. Select one: O True O False 3 Financial statements are prepared to report mainly to the customers and other users. Select one: True False + An increase in the provision for bad debts increases expenses in the statement of comprehensive income. Select one: O True False