Reference no: EM133072031
Question - The following information was prepared by a trainee accountant for Bise Co for Year 9.
£
Sales revenue 930,000
Interest receivable 25,000
Salaries and wages 68,000
Heat and light 44,000
Telephone and postage 40,000
Insurance 15,000
Motor running expenses 62,000
Cost of sales 156,000
Examination of the underlying records revealed the following errors.
1. A prepayment for telephone and postage of £5,000 had not been taken into account.
2. Motor running expenses included interest charges incurred of £8,000 on the purchase of a delivery van.
3. Closing inventories had been overstated by £19,000.
Required - What is the operating profit for the year?
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