Paul is a sole trader whose accounting records are incomplete. All the sales are cash sales and during the year USD50,000 was banked, including USD5,000 from the sale of a business car. He paid out USD12,000 wages in cash and withdrew USD2,000 per month for his living expenses. Cash in hand at the beginning and end of the year was USD300 and USD400 respectively.What were Paul’s sales for the year?
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2 .Muse commences trading on 1 January 2015 and has zero inventories at that date. During 2015 it has purchases of USD455,000, incurs carriage inwards of USD24,000, and carriage outwards of USD29,000. Inventories at 31 December 2015 are valued at USD52,000.Which of the following is the cost of sales figure for the year ended 31 December 2015?
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A Profit USD11,726; Net assets USD1,726 B Profit USD14,113; Net assets USD4,113 C Profit USD11,726; Net assets USD4,113 D Profit USD14,113; Net assets USD1,726
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