Capital at the end of 20X2 is 2,000. Capital at the end of 20X3 is 3,000. There

Question:

Capital at the end of 20X2 is £2,000.
Capital at the end of 20X3 is £3,000.
There were no drawings; and no capital had been introduced.
Required
Calculate the profit for the year ended 20X3 from the above information?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Introduction To Financial Accounting

ISBN: 978-0077138448

7th edition

Authors: Anne Marie Ward, Andrew Thomas

See More Books

Question Posted: Dec 20, 2016 10:23 AM

See More Questions

For Gray Corporation, the working capital at the end of the current year is $10,000 more than the working capital at the end of the preceding year, reported as follows: Has the current position...
For Lindsay Corporation, the working capital at the end of the current year is $5,000 greater than the working capital at the end of the preceding year, reported as follows: Has the current position...
For Lindsay Corporation, the working capital at the end of the current year is $5,000 greater than the working capital at the end of the preceding year, reported as follows: Has the current position...
Suppose a consumer lives in two periods , with his income in period 1 as $100 and his income in period 2 as $150. If the rate of interest in the economy is 12%. Find the equilibrium level of...
Le Forestier, S.A., is a small company that processes wild mushrooms found in the forests of central France. For many years, Le Forestiers products have had strong sales in France. However, companies...
Motion Auto has the following information for the years ending December 31, 2014 and 2013: Requirements 1. Compute the rate of inventory turnover for Motion Auto for the years ended December 31, 2014...
The Cooper Furniture Company of Potomac, Maryland, assembles two types of chairs (Recliners and Rockers). Separate assembly lines are used for each type of chair. Classify each cost item (AI) as...
Cepeda Corporation has the following cost records for June 2012 Instructions (a) Prepare a cost of goods manufactured schedule for June 2012. (b) Prepare an income statement through gross profit for...
The kibitzer computes the average of these three probabilities and announces the result of his computation publicly. Beatrice and Carol update their probabilities for F in the light of this new...
On the first day of the fiscal year, a company issues a $4,200,000, 10%, five-year bond that pays semiannual interest of $210,000 ($4,200,000 10% ), receiving cash of $4,041,710. Journalize the...
T. Murray has prepared the following bank ledger account for the year ended 31 March 20X3: T. Murray has also supplied you with the following information. a. Commissions received included 85, which...
Capital at the end of 20X2 is 2,000. Capital at the end of 20X3 is 3,000. Drawings were 700. Required Calculate the profit for the year ended 20X3 from the above information?
Bev's Dry Cleaners is owned and operated by Beverly Zahn. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another...
What are the required steps for setting up a simulation model?
After a control chart (for means) has been developed, samples are taken and the average is computed for each sample. The process could be considered out of control if a. one of the sample means is...
______________activities are ones that will delay the entire project if they are late or delayed.
A company is implementing a new quality control program. Items are sampled and classified as being defective or nondefective. The type of control chart that should be used is a. an R-chart. b. a...
What factors must an airline consider in selecting new aircraft?
For each of the situations listed, identify which of three principles (integrity, objectivity and independence, or due care) from the AICPA Code of Professional Conduct is violated. Assume all...
Explain how the graph of each function can be obtained from the graph of y = 1/x or y = 1/x 2 . Then graph f and give the (a) Domain (b) Range. Determine the largest open intervals of the domain over...
Accumulated depreciation is a sum of cash being accumulated for the replacement of fixed assets. Do you agree? Explain.
Criticize the following statement: Depreciation is the loss in value of a fixed asset over a given span of time.
Keeping two sets of books is immoral and unnecessary. Do you agree? Explain.
3. The Alice Company has estimated costs for the following monthly production levels: Production volume (units) Cost A Cost B Cost C Cost D Cost E Cost F Cost G Cost H Total manufacturing costs...
ted eted eted eted (20%) Problem 3: Consider a circuit shown in the figure. Ignore the internal resistances of the batteries. R3 Randomized Variables A LL F E = 46 V 82=48 V R = 8Q R = 8Q R B E...
A 40.0-g object connected to a spring with a force constant of 50.0 N/m oscillates with an amplitude of 6.00 cm on a frictionless, horizontal surface. (a) Find the total energy of the system. mJ (b)...

Capital at the end of 20X2 is 2,000. Capital at the end of 20X3 is 3,000. There

Question:

Step by Step Answer:

Equity capital Balance at start ...View the full answer

Introduction To Financial Accounting

Students also viewed these Accounting questions