Calculating the business profit The following information is available for a retailer Drawings for the year amounted

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Calculating the business profit The following information is available for a retailer

Drawings for the year amounted to $20,000. The retailer paid $70,000 into his business's bank account during the year as additional capital. What was the profit for the year?

A. $50,000

B. $90,000

C. $120,000

D. $230,000

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Accounting For Cambridge International AS And A Level

ISBN: 9780198399711

1st Edition

Authors: Jacqueline Halls Bryan, Peter Hailstone

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Question Posted: Sep 15, 2021 04:35 AM

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Calculating the business profit The following information is available for a retailer Drawings for the year amounted

Question:

1 January 2014 Capital $150 000 31 December 2014 Capital $290 C00

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To calculate the profit for the year we need to use the f...View the full answer

Accounting For Cambridge International AS And A Level

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