Use the information given below (as at 30 June 2016)to answer the following question. A
-ssume no dividends were declared during the year.If the balance of retained profits at the start of the year was $50 000,what was the profit for the year?
A) $30 000
B) $80 000
C) $50 000
D) $40 000

Question

Use the information given below (as at 30 June 2016)to answer the following question.  A
-ssume no dividends were declared during the year.If the balance of retained profits at the start of the year was $50 000,what was the profit for the year?
A) $30 000 
B) $80 000 
C) $50 000 
D) $40 000

Quizplus · Accepted Answer

Retained profits at the start of the year + Profit for the year - Dividends declared during the year = Retained profits at the end of the year.$50,000 + Profit for the year - $0 = $80,000Profit for the year = $80,000 - $50,000 = $30,000

Use the Information Given Below (As at 30 June 2016)to