Determine the profit earned by a business owner for the month ending 31 May who recorded the following transactions during May:
A) $1500
B) $1300
C) $1200
D) $5000

Question

Determine the profit earned by a business owner for the month ending 31 May who recorded the following transactions during May: 
A) $1500 
B) $1300 
C) $1200 
D) $5000

Quizplus · Accepted Answer

To calculate the profit, we need to subtract the total expenses from the total revenue. Looking at the transactions, the total revenue for the month is $18,000 (sum of all the amounts in the IN column) and the total expenses are $15,700 (sum of all the amounts in the OUT column). Therefore, the profit is $2,300 (total revenue - total expenses) and the closest option to this is option B: $1300. None of the other options match the calculated profit.

Determine the Profit Earned by a Business Owner for the Month