Amy is a sole trader and had assets of $569,400 and liabilities of $412,840 on 1 January During the year ended 31 December 20X8 she paid $65,000 capital into the business and she paid herself wages of $800 per month. At 31 December 20X8, Amy had assets of $614,130 and liabilities of $369,770. Find the profit for the year Decemeber 31 20X8

Amy is a sole trader and had assets of $569,400 and liabilities of $412,840 on 1 January During the year ended 31 December 20X8 she paid $65,000 capital into the business and she paid herself wages of $800 per month. At 31 December 20X8, Amy had assets of $614,130 and liabilities of $369,770. Find the profit for the year Decemeber 31 20X8

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter3: Business Income And Expenses

Section: Chapter Questions

Problem 2MCQ

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