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Question - prepare profit and loss account for marias

Question - Prepare profit and loss account for Maria's Delicatessen. The following data are relevant for the first year of operation.

• Sales amount to £243,000, and the company estimated 30% gross profit.

• Wages for the year amount to £48,000, and general expenses for the year are estimated at £15,000.

• The company spent £12,000 for promotional activities.

What possible advice would you give to the owners for next year's operations and why?

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Accounting Basics: Question - prepare profit and loss account for marias

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