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What the net profit must have been as follows

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Reference no: EM132996289

Silverware Company Ltd reports the following balance sheet information for 2014:

                                   1 January 2014             31 December 2014

Assets                            $600 000                      $700 000

Liabilities                         $120 000                     $140 000

Problem 1: Assuming the capital contribution made by the owners during 2014 was $30 000 and Drawings were $120 000, the Net Profit for 2014 must have been as follows:

(a) $120 000

(b) $140 000

(c) $160 000

(d) $170 000

(e) $180 000

Reference no: EM132996289

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