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?