Taste Thai Restaurant recorded food and drink sales of $700. 000 for the financial year. The expenses amounted to $300.000, the owner’s withdrew $100.000 for personal use and the business purchased supplies for $35,000(recorded as an asset initially. What was the restaurant’s profit for the year?

Taste Thai Restaurant recorded food and drink sales of $700. 000 for the financial year. The expenses amounted to $300.000, the owner’s withdrew $100.000 for personal use and the business purchased supplies for $35,000(recorded as an asset initially. What was the restaurant’s profit for the year?

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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