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What is the accrual profit for the period

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Reference no: EM132599178

Question - The following transactions relate to the next two questions.

1. $15,000 of prepayments expired during the month

2. Received $90,000 from accounts receivable

3. Purchased inventory on credit $150,000

4. Made credit sales of $650,000 (cost of goods sold was $550,000)

5. Paid $30,000 of the accounts payable balance.

Q1. What is the accrual profit for the period?

A. $70,000

B. $85,000

C. $100,000

D. $55,000

E. None of the above

Q2. Assets increased during the period by:

A. $205,000

B. $250,000

C. $70,000

D. $310,000

E. None of the above

Reference no: EM132599178

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