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What is the adjusted profit

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Problem 1: Ellis Ltd accumulates the following adjustment data at 31 December. Assume profit before the adjustments listed was $16,500. What is the adjusted profit?

1. Revenue of $800 collected in advance has now been earned.
2. Salaries of $600 are unpaid.
3. Prepaid rent totalling $450 has expired.
4. Supplies of $550 have been used.
5. Revenue earned but not yet invoiced totals $750.
6. Electricity expenses of $200 are unpaid.
7. Interest of $250 has accrued on a note payable.

Select one:

a. $14,400
b. $16,600
c. $16,900
d. $15,300
e. $16,000

Reference no: EM132671921

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