Reference no: EM133184166
Question - Mint started a consulting business on 1st July 2021 called Mint Ltd. During the period up to 315t December 2021, the following transactions occurred:
(i) Mint put $200,000 of her own money into the company
(ii) She borrowed $120,000, on 1st July 2021, which is to be paid back in one years time. Interest is to be paid yearly at 5% per annum.
(iii) She sent bills for $42,000 to customers for work performed. By 31st December 2021 she had received $28,000 and expected the other $14,000 in January.
(iv) She bought equipment, on 1st July 2021, for $16,000 that has an expected useful life of four years.
(v) She paid $18,000 for one years worth of insurance on 1st July 2021.
Using the concepts of accrual accounting, calculate Mint's profit for the six months ending 31st December 2021.
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