Calculate xyz ltds profit for the month ending 31 march

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Reference no: EM133502664

Case: Steve incorporated XYZ Ltd and recorded following transactions in March 2023

1 March 2023 John invested $100 000 of his own money into XYZ Ltd.

2 March 2023 He borrowed $60 000 from the bank at 10 per cent per annum for one year with interest to be repaid at the end of the loan.

3 March 2023 He sent Invoices for $90 000 to customers for work performed. By 31 March he had received $40 000 and expected the other $50 000 in April 2023. Cost of sales is $20,000

4 March 2023 He bought a computer for $19,200 that has an expected useful life of four years.

5 March 2023 He paid $6 500 in wages.

6 March 2023 He paid other expenses of $9 000.

7 March 2023 He received a $1000 bill for advertising (appeared in news papers in March; will be paid in April 2023 ).

Required:

Using the concepts of accrual accounting, calculate XYZ Ltd.'s profit for the month ending 31 March 2023.

Reference no: EM133502664

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