Profit And Loss And Balance Sheets Page 18

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Try this exercise.
ABC Engineering manufactures metal pipes for the water industry. It had apparent sales,
shown in its ledger, of £25,000 in the quarter. It owes £900 for power, £2,000 for materials
and £3,000 rent. It has recently invoiced three customers for the supply of pipes with the
invoices valued at £2,500, £1,700 and £2,200.
1 : What was the actual value of ABC Engineering’s sales?
Suppose it owed an additional £1,200 rates and £900 to a packaging company and
that an outstanding invoice from the previous quarter of £5,000 had finally been paid
in this quarter.
2 : What is the new value of ABC Engineering’s sales?
Answers can be found in the appendix on page 424
P 230

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Parent category: Business