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Daniel Ltd. started its wholesale business on November 1 last year. On December 31, 2009, the ledger account balances show the following: $1500 Accounts payable, $4000 bank loan due in two years; $3200 Accounts receivable, $2000 inventory, $8500 Cash, $4000 Prepaid Rent, $5000 Office furnishings, $500 dividend, $2000 rent expense, $2400 salaries expense, $200 utility expense, $12000 Sales, $6000 Cost of Goods Sold.

How much income before tax or loss should the Daniel Ltd. report?

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  • Category:- Basic Finance
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