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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
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