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ABC Restaurant started the year with total assets of $60,000 and total liabilities of $40,000. During the year the business earned $100,000 in income and incurred $55,000 in expenses. Dividends paid were $10,000.
Problem 1. The net profit for ABC for the period was
A. $35,000.
B. $45,000.
C. $20,000.
D. $90,000.
E. $15,000.
Problem 2. Owner's equity at the end of the period was
A. $55,000.
B. $35,000.
C. $65,000.
D. $45,000.
E. None of the above
Problem 3. Which of these is an asset?
A. Income tax payable
B. Asset revaluation reserve
C. Interest earned on investments
D. Income received in advance
E. None are assets
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