HRM Consulting Pty Ltd started the year with total assets of $80 000 and total liabilities of $40 000.During the year the business earned $150 000 in income and incurred $95 000 in expenses.Dividends of $20 000 were paid during the year.HRM's profit for the period was:
A) $55 000
B) $40 000
C) $30 000
D) $35 000

Question

Quizplus · Accepted Answer

HRM's profit for the period is calculated as income minus expenses, which is $150,000 - $95,000 = $55,000.

HRM Consulting Pty Ltd Started the Year with Total Assets