A-LevelAccountingPreparation of financial statements9706/12 · Oct/Nov 2022 · Q121 Mark
A sole trader is preparing his income statement for the year ended 31 December 2021, his first year of trading. The following information is available. $takings banked 16400 payments to trade payables 8500 expenses for the year 2900 balance of trade payables 1200 balance of trade receivables 700 He took goods for his own use, $1000, during the year. There was no closing inventory. What was his profit for the year?
A$4500
B$5500
C$7400
D$7900
✓ Correct answer
B: $5500
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