Adjustments to profit statements
Question 27 RAMPION
The draft financial statements of Rampion for the year ended 31 December 2012 included the
following: $
Profit 684,000
Closing inventory 116,800
Trade receivables 248,000
Allowance for receivables 10,000
No adjustments have yet been made for the following matters:
(1)The company’s inventory count was carried out on 3 January 2013 leading to the figure
shown above. Sales between the close of business on 31 December 2012 and the inventory
count totalled $36,000. There were no deliveries from suppliers in that period. The company
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