Use the Information Given Below (As at 30 June 2016)

Multiple Choice

Use the information given below (as at 30 June 2016) to answer the following question.

Assume no dividends were declared during the year. If the balance of retained profits at the start of the year was $50 000, what was the profit for the year?

A) $30 000
B) $80 000
C) $50 000
D) $40 000