User Account

All Pages

What was the profit-loss for the year ending December

Assignment Help Financial Accounting
Reference no: EM132995900

Question - Mary started a business on 1 January 2015 with £?80,000 equity. During the year, she withdrew £?10,000 in cash and also withdrew £?5,000 in goods for her own use. At 31 December 2015 (the end of the year) she had an equity of £?95,000. What was the profit/loss for the year ending 31 December 2015?

A. Loss £25,000

B. Profit £25,000

C. Loss £30,000

D. Profit £30,000

Reference no: EM132995900

Questions Cloud

Should sell the platinum today : She estimates that the price of platinum will rise to $861.00 per ounce in the next year. If the interest rate is 10%, should she sell the platinum today?
Prepare the journal entry to record piecemeal realization : Prepare the journal entry to record the piecemeal realization of the revaluation surplus. Prepare journal entry to record the revaluation on January 1, 2019.
Prepare all journal entries for anxious company : Prepare all journal entries for 2019, 2020, and 2021. On December 31, 2019, Anxious company purchased a machine in exchange for a noninterest bearing note.
How does impact supply curve as well as equilibrium quantity : In the U.S., much of mortgage lending, How does impact the supply curve, demand curve, as well as equilibrium quantity and interest rate in mortgage lending?
What was the profit-loss for the year ending December : At 31 December 2015 (the end of the year) she had an equity of £?95,000. What was the profit/loss for the year ending 31 December 2015
How does the policy of allowing for mortgage interest tax : Consider the mortgage lending market. How does the policy of allowing for mortgage interest tax deduction impact the demand and supply curves?
How much is the interest income : Atlas charged Angela a 2.5% nonrefundable origination fee. The effective rate is 13.84%. How much is the interest income in 2021
Describe the information needs of the government users : Describe the information needs of the government users of the financial statements. Explain the Capacity of adaptation concepts
How would your basis computation change : How would your basis computation change if SS Corporation's debt at the end of the year was $50,000 more than its debt at the beginning of the year

Reviews

Write a Review

Financial Accounting Questions & Answers

  What are sustainable growth rates for your subject company

What are the sustainable growth rates for your subject company over the period that you studied - How do they compare with the actual growth rates that the company experienced over the period studied?

  Calculate the conversion cost per unit

Calculate the prime cost per unit. - Calculate the conversion cost per unit. -  Calculate the total variable product cost per unit.

  Explain with reasons the type of audit opinion

Realtor Ltd leases its property from a related company called RioCom Limited. RioCom is currently being audited. Your audit of the lease indicates that the rental terms are in excess of rental terms for similar buildings in the area. Explain, with re..

  Compute the net income

Compute for the net income in 2020: If the initial down payment is not refundable and no future services are required by the franchisor

  How much money must you deposit in an account

How much money must you deposit in an account each year to fund your children's education? You will begin payments one year from today

  What is the vat shouldered by claire classified

The VAT-inclusive price reflected on the official receipt is PhP2,500. What is the VAT shouldered by Claire classified as input or output VAT

  Which is true about the purchase of a protective

Which is true about the purchase of a protective put at a higher excercise price relative to a lower excercise price? insurance us more costly

  Reasonable assurance-fairly stated-in all material respects

Auditors provide “reasonable assurance” that the financial statements are “fairly stated, in all material respects.” Questions are often raised as to the responsibility of the auditor to detect material misstatements, including misappropriation of as..

  How much expense should be reported for compensated absence

Eight of the vacation weeks were not taken during 2016. In Yukon's 2016 income statement, how much expense should be reported for compensated absences?

  What the cash equivalents as of year-end amounted to

What the cash equivalents as of year-end amounted to? Investment in DEF bonds was acquired December 25 of the current year.

  Calculate the first year depreciation for the ship

Calculate the first year depreciation for the ship using the three depreciation methods - straight-line, units of production and reducing balance

  Calculate the current price of instrument

Calculate the current price of instrument B per $100 face value. Round your answer to four decimal places. Assume the yield rate is j2 = 4.48% p.a.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd