Use the information below to answer question.Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sal...
Question 1 Report
Use the information below to answer question.Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of ₦19000 from the business tray and banked it.
The credit sales for the period would be?
Answer Details
Since Ezekiel recorded sales representing 95% cash and 5% credit, we can assume that the total sales for the period are 100%. Therefore, if the total cash sales recorded were ₦19000, we can find the total sales as follows:
Total sales = Total cash sales / Percentage of cash sales
Total sales = ₦19000 / 0.95 = ₦20000
Now, we know that the total sales are ₦20000, and that 95% of this amount represents cash sales, which is ₦19000. Therefore, we can find the credit sales by subtracting the cash sales from the total sales:
Credit sales = Total sales - Cash sales
Credit sales = ₦20000 - ₦19000 = ₦1000
So, the credit sales for the period would be ₦1000.
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