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Question 1: DEF Ltd has no opening inventory. During the year it buys 800 televisions at $400 each and sells 600 of them for $700 each. It receives payment for 500 televisions. Operating expenses paid in cash are $35,000 and it owes wages of $15,000 at year end. What is net profit for the year?
Select one:
Option a. $70,000
Option b. $140,000
Option c. $142,000
Option d. $150,000
Option e. None of the above
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1.nbspgains differ from revenues because gainsa. are not a result of the entitys ongoing central operationsb. do not
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