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The Following Balances Were Taken from the Accounts of Adelaide

Question 58

Multiple Choice

The following balances were taken from the accounts of Adelaide Enterprises.
31 Dec.2013 31 Dec.2014
Assets $450 000 $610 000
Liabilities 270 000 310 000
Assuming there were no drawings or contributions of capital,profit for 2014 must have been:


A) $160 000.
B) $120 000.
C) $300 000.
D) $220 000.

Correct Answer:

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