During the Year Ended 31 December, the Business Made Sales

question 10

Multiple Choice

During the year ended 31 December, the business made sales of £35,000 and purchases of £20,000. Inventory at the beginning of the year was valued at £6,000 and, at 31 December, inventory was valued at £3,500. The gross profit for the year was:

• A) £17,500.
• B) £24,500.
• C) £12,500.
• D) £5,500.

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Definitions:

Populists And Democrats

A political coalition wherein populists and the Democratic party in the United States shared interests or goals, especially prominent in the late 19th and early 20th centuries.

Anti-Imperialist League

Coalition of anti-imperialist groups united in 1899 to protest American territorial expansion, especially in the Philippine Islands; its membership included prominent politicians, industrialists, labor leaders, and social reformers.

Unrestricted Minting

The process of producing coins in unlimited quantities without regard to the economic consequences, such as inflation or the devaluation of currency.

Silver Money

Currency that is minted from silver, historically used as standard money in many economies before the adoption of gold standards or fiat currency systems.