A firm has the following assets and liabilities at the year end, £ 1. Trade payables 39,000 2. Cash at bank 20,000 3. Computer equipment 87,000 4. Long-term loan 46,000 5. Inventories 31,000 6. Bank overdraft 13,000 7. Property 124,000 8. Trade receivables 43,000 9. Motor vans 30,000 10. Patents 25,000 he owner withdrew cash of £56,000 from the business during the year for living expenses. The owner's equity at the beginning of the year was 170,000. What was the profit for the year?
A firm has the following assets and liabilities at the year end, £ 1. Trade payables 39,000 2. Cash at bank 20,000 3. Computer equipment 87,000 4. Long-term loan 46,000 5. Inventories 31,000 6. Bank overdraft 13,000 7. Property 124,000 8. Trade receivables 43,000 9. Motor vans 30,000 10. Patents 25,000 he owner withdrew cash of £56,000 from the business during the year for living expenses. The owner's equity at the beginning of the year was 170,000. What was the profit for the year?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
A firm has the following assets and liabilities at the year end,
£
1.
Trade payables
39,000
2.
Cash at bank
20,000
3.
Computer equipment
87,000
4.
Long-term loan
46,000
5.
Inventories
31,000
6.
Bank overdraft
13,000
7.
Property
124,000
8.
Trade receivables
43,000
9.
Motor vans
30,000
10.
Patents
25,000
he owner withdrew cash of
£56,000
from the business during the year for living expenses.The owner's equity at the beginning of the year was
170,000.
What was the profit for the year?
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