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5. Minh Vo Restaurant recorded food and drink sales of $500 000 for the financial year. The expenses amounted to $300 000, the owners withdrew $100 000 for personal use and the business purchased a new hi-tech commercial oven for $35 000. What was the restaurant's profit for the financial year? A. $200 000 B. $500 000 C. $100 000 D. $165 000

5. Minh Vo Restaurant recorded food and drink sales of $500 000 for the financial year. The expenses amounted to $300 000, the owners withdrew $100 000 for personal use and the business purchased a new hi-tech commercial oven for $35 000. What was the restaurant's profit for the financial year? A. $200 000 B. $500 000 C. $100 000 D. $165 000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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5. Minh Vo Restaurant recorded food and drink sales of $500 000 for the financial year. The expenses amounted to $300 000, the owners withdrew $100 000 for personal use and the business purchased a new hi-tech commercial oven for $35 000. What was the restaurant's profit for the financial year? A. $200 000 B. $500 000 C. $100 000 D. $165 000
Transcribed Image Text:5. Minh Vo Restaurant recorded food and drink sales of $500 000 for the financial year. The expenses amounted to $300 000, the owners withdrew $100 000 for personal use and the business purchased a new hi-tech commercial oven for $35 000. What was the restaurant's profit for the financial year? A. $200 000 B. $500 000 C. $100 000 D. $165 000
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