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Information relates to ABC trading Itd Sales 150 000 Opening stock 20 000 Purchases 10 000 Closing stock 5 000 Expenses 25 000 Calculate the

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Information relates to ABC trading Itd Sales 150 000 Opening stock 20 000 Purchases 10 000 Closing stock 5 000 Expenses 25 000 Calculate the following: a. Gross profit [6] b. Cost of sales [6] c. Net profit [6] d. Define an income statement [2]

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