QUESTION 4 ABC runs a jewelry shop on the high street. On 1 January 2019, his trade inventory, at cost, amounted to $4,700 and his trade payables were $3,950. During the 6 months to 30 June 2019 , sales were $42,000. Beau Gullard makes a gross profit of 33.33% he sales value of everything he sells. On 30 June, there was a burglary at the shop, and all the inventory was stolen. In trying to establish how much inventory had been taken, ABC was only able to say that: (a) He knew from his bank statements that he had paid $28,400 to trade account payables in the 6 month period to 30 June 2019 . (b) He currently had payables due of $5,550. Required (i) Calculate the amount of inventory stolen. (ii) Calculate gross profit for the 6 months to 30 June 2019 . b) On January 2020 , the business had trade receivables of $2,000, cash in the bank of $3,000, and cash in hand of $300. During the year to 31 December 2020 , the business banked $95,000 in takings. It also paid out the following expenses in cash from the till. \begin{tabular}{ll} Drawings & $1,200 \\ Sundry expenses & $800 \end{tabular} On 29 August 2020, a thief broke into the shop and stole $400 from the till. On 31 December 2020 trade receivables amounted to $3,500, cash in the bank $2,500, and cash in the till $150. What was the value of sales during the year