The following information relates to Sunset Crisp Limited in the year ended 30 November 2018. Sales: £28,050, Opening Inventory: £10,200, Purchases: £25,090, Gross Profit: £10,000. What is the Closing Inventory figure for the business?
£17,240
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Current Assets include
Inventory, Receivables and Prepayments
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Depreciation is justified because:
Most non-current assets tend to lose value over time.
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PIC
Public Limited Company
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Depreciation is:
The charge to spread the cost of the asset over estimated useful. life.
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The Trial Balance totals should agree. Is this true?
Yes, always
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A firm bought a machine for £23,000. It is expected to be used for 4 years, with a salvage value of £3,000. What is the amount of depreciation in year 2 using the straight line method?
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