At 1 November 2020 the value of Pete Sampras' net assets was $127,554. At 31 October 2021 the value was $174,529. During the year to 31 October 2021 Pete Sampras introduced $35,000 of capital and his drawings were $1,500 per month. What was the net profit for the year?

Answer rating: 100% (QA)

To calculate the net profit for the year we need to consider the changes in Pete Sampras n... View the full answer