Incomplete Accounts Flashcards
1
Q
Gross profit =
A
Sales - cost of sales
2
Q
Cost of sales =
A
Openings inventory + purchases - closing inventory
3
Q
Profit margin =
A
Gross profit/ sales
4
Q
Profit Mark up
A
Gross profit/cost of sales
5
Q
Closing capital =
A
Opening capital + profit - drawings
