Question
The following data are given for company x for 2020. The inventories of goods on 1/1/2020 and 31/12/2020 were 14000 and 16000 respectively. In 2020
The following data are given for company x for 2020. The inventories of goods on 1/1/2020 and 31/12/2020 were 14000 and 16000 respectively. In 2020 the company made 26000 purchases of goods and received discounts for the 2000 purchases, at the same time it returned defective goods worth 1000. Finally, its sales for 2020 were 35000. Even in 2020 the company had depreciation of fixed assets 6000, staff remuneration 11000, expenses for utility services 1500, fees of certified public accountants 3000 and other operating expenses 6500. Finally there were income from rent of 8000 and income from state subsidies 9600. Based on the above, determine with accounting records the gross result and the operating result achieved by the company in the year 2020
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started