Reference no: EM132762844
Problem 1: If equity at the beginning of the accounting period was $120,000 and at the end of the period was $175,000, and drawings by the owner during the period were $30,000, how much net profit was earned during the period?
A. $85,000
B. $55,000
C. $25,000
D. $30,000
E. Cannot be calculated from the information given
Problem 2: In the current accounting period expenses, calculated on an accrual basis, are $100,000 and the cash paid for expenses shown in the cash flow statement is $80,000, therefore:
A. expenses may have been paid for in advance in the previous period.
B. cash may have been collected for income earned in the previous period.
C. depreciation may have been charged in the income report.
D. A and C
E. B and C
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