Cost Accounting-Amy is a sole trader and had assets of $569,400 and liabilities

QUESTION

Amy is a sole trader and had assets of $569,400 and liabilities of $412,840 on 1 January 20X8. During the yearended 31 December 20X8 she paid $65,000 capital into the business and she paid herself wages of $800 permonth.At 31 December 20X8, Amy had assets of $614,130 and liabilities of $369,770.What is Amy’s profit for the year ended 31 December 20X8?

ANSWER:

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