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Find what was profit for year ended

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Reference no: EM132624611

Problem 1: Trader provided info: 1/8/2016 Capital 25000, 31/7/2017 assets 75000, liabilities 36500, drawings for year 7500

What was profit for year ended 31/7/2017? (memo gives answer $21000)

Problem 2: Business gives info: Revenue for year 189000, purchases for year 125000, gross profit as % of cost of sale = 25%

What was gross profit for year (memo gives answer as $37800)

Reference no: EM132624611

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