The following information is taken from the accounting records of Pauls Electric Bikes Limited for...
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Accounting
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The following information is taken from the accounting records of Pauls Electric Bikes Limited for the current year. Use the information to calculate the net income for the year.
The following information is taken from the accounting records of Pauls Electric Bikes Limited for the current year. Use the information to calculate the net income for the year.
Administration expenses: $240,000
Cost of goods sold: $1,140,000
Selling and distribution expenses: $440,000
Interest expense: $100,000
Net sales: $2,400,000
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Bar Restaurant recorded food and drink sales of $350,000 for the financial year. The expense amounted to $150,000, the owners withdrew $50,000 for personal use and the business purchased supplies for $17,500 (recorded as an asset initially). What was the restaurants profit for the year?
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