Use the information below to find the company's gross profit # Sales 50,000.00 Debtors 10,000.00 Cash in hand 5,000.00 Opening stock 30,000.00 Creditors 8,0...

Use the information below to find the company's gross profit

Answer Details

Gross profit = Sales - Cost of goods sold

Note that cost of goods sold = Opening stock + purchase - closing stock
= 30,000 + 16,000 - 10,000
= 36,000

GP = 50,000 - 36,000
= 14,000