HRM Consulting Pty Ltd started the year with total assets of $80 000 and total liabilities...
HRM Consulting Pty Ltd started the year with total assets of $80
000 and total liabilities of $40 000. During the year the business
earned $150 000 in income and incurred $95 000 in expenses.
Dividends of $20 000 were paid during the year. HRM’s profit for
the period was:
A. 30000
B. 50000
C. 35000
D. 40000
Homework Answers
None of the option is correct.
Profit for the period = Income - Expenses
= $150,000 - $95,000
= $55,000
HRM’s profit for the period was = $55,000.
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