Business Studies, asked by birialynmae, 4 months ago

Determine the Income and Expenses of this situation:
The business is a trading business.For the period,it purchased goods for sale valued at P100,000.The goods were all sold for a total price of P120,000.For the sale only 10% was received as down payment,60% were later collected,and at the end of the year 30% are still for collection.How much is the business income?

Answers

Answered by jgetchell0136

Answer:

Income Statements:

 Single-step income statement

 Multiple-step income statement

 Gross Margin = Gross Profit = Net Sales – Cost of Goods Sold

 Gross Margin ratio = Gross Margin / Net Sales

Explanation:

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