What is profit for year after adjusting for these? errors

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Reference no: EM131211105

After the accountant of Merkel Engineering Co had prepared the draft financial statement for the year ended 31 March Year? 5, the following errors came to? light:

A trade receivable of? £3,500 was recorded as outstanding at the year end but had been paid in full during the year.

A credit sale for? £5,400 had been incorrectly recorded as? £4,500.

The insurance expense had been adjusted for an accrual of? £1,000 rather than for a prepayment of? £1,000 at the end of the year.

Interest charges of? £800 had been treated as interest received

The profit for the year before these errors were discovered was? £68,000.

What is the profit for the year after adjusting for these? errors?

67,500

69,300

70,100

72,800

Reference no: EM131211105

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