Answered: In a period, sales are $140,000,…

In a period, sales are $140,000, purchases $75,000 and other expenses $25,000. What is the figure for net profit to be transferred to the capital account? A $40,000 B $65,000 C $75,000 D $140,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 15MC: If current assets are $112,000 and current liabilities are $56,000, what is the current ratio? A....

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Question

In a period, sales are $140,000, purchases $75,000 and other expenses $25,000. What is the figure for net
profit to be transferred to the capital account?
A $40,000
B $65,000
C $75,000
D $140,000

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