Amy is a sole trader and had assets of $569,400 and liabilities of $412,840 on 1 January 20X8. During the year ended 31 December 20X8 she paid $65,000 capital into the business and withdrew $800 per month. At 31 December 20X8, Amy had assets of $614,130 and liabilities of $369,770. What was Amy’s profit for the year ended 31 December 20X8?

Amy is a sole trader and had assets of $569,400 and liabilities of $412,840 on 1 January 20X8. During the year ended 31 December 20X8 she paid $65,000 capital into the business and withdrew $800 per month. At 31 December 20X8, Amy had assets of $614,130 and liabilities of $369,770. What was Amy’s profit for the year ended 31 December 20X8?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 79P

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