Use the information given below to answer the following questions:
Retained profits of Livermore Pty Ltd at 1 July 2011 were $5500. The accounting records for year ended 30 June 2012 showed the following information:
$$\begin{array} { l r }
&\$\
\text { Revenues earned } & 35500 \
\text { Cash collected from customers } & 5700 \
\text { Expenses incurred } & 32250 \
\text { Expenses paid in cash } & 29620 \
\text { Dividends declared and paid } & 1500
\end{array}$$
-What was Livermore's net profit for the year ended 30 June 2012?
A) $1750
B) $2000
C) $3250
D) $7450.

Question

Use the information given below to answer the following questions:
Retained profits of Livermore Pty Ltd at 1 July 2011 were $5500. The accounting records for year ended 30 June 2012 showed the following information:
$$\begin{array} { l r } 
&\$\
\text { Revenues earned } & 35500 \
\text { Cash collected from customers } & 5700 \
\text { Expenses incurred } & 32250 \
\text { Expenses paid in cash } & 29620 \
\text { Dividends declared and paid } & 1500
\end{array}$$ 
-What was Livermore's net profit for the year ended 30 June 2012?
A) $1750
B) $2000
C) $3250
D) $7450.

Quizplus · Accepted Answer

The Answer of Use the information given below to answer the following questions:
Retained profits of Livermore Pty Ltd at 1 July 2011 were $5500. The accounting records for year ended 30 June 2012 showed the following information:
$$\begin{array} { l r } 
&\$\
\text { Revenues earned } & 35500 \
\text { Cash collected from customers } & 5700 \
\text { Expenses incurred } & 32250 \
\text { Expenses paid in cash } & 29620 \
\text { Dividends declared and paid } & 1500
\end{array}$$ 
-What was Livermore's net profit for the year ended 30 June 2012?
A) $1750
B) $2000
C) $3250
D) $7450.

Use the Information Given Below to Answer the Following Questions