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What would be the profit

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Question 1 - During 2016 a company makes credit sales of $650,000, of which $450,000 is collected at year end. It pays $250,000 in expenses, reduces prepaid expenses by $50,000 and owes $25,000 for gas used during 2016. Accrual Profit is:

A. $400,000

B. $325,000

C. $375,000

D. $175,000

E. None of the above

Question 2 - What would be the profit if cash accounting rather than accrual accounting was used, in question 1 above?

A. $200,000

B. $175,000

C. $375,000

D. $425,000

E. None of the above

Reference no: EM132599186

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