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What is the net profit for the year

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Reference no: EM132990235

Question - The following is an extract from the trial balance of Gardeners:

Dr Cr $

Non-current assets 50,000

Inventory 2,600

Capital 28,000

Receivables 4,500

Allowance for doubtful debts 320

Cash 290

Payables 5,000

Sales 120,000

Purchases 78,900

Rental expense 3,400

Sundry expenses 13,900

Bank interest 270

153,590 153,590

i. Rent of $200 has been prepaid.

ii. Inventory at the end of the year was $1,900.

iii. The allowance for doubtful debts is to be $200.

Required - What is the net profit for the year?

A. $23,690

B. $23,610

C. $23,100

D. $25,500

Reference no: EM132990235

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