O-LevelAccountingPreparation of financial statements7707/13 · Oct/Nov 2023 · Q321 Mark

Toby's purchases for the year were $13000. His closing inventory was $1000 more than his opening inventory. Toby's gross margin is 20%. What was Toby's revenue for the year?

A$14400

B$15000

C$16800

D$17500

✓ Correct answer

B: $15000

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Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2023 Paper 1 Variant 3, question 32.

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