Maxwell Flooring started the year with total assets of $160,000 and total liabilities of $75,000. During...
Maxwell Flooring started the year with total assets of $160,000 and total liabilities of $75,000. During the year the business recorded $250,000 in revenues, $100,000 in expenses, and drawings of $30,000. The profit reported by Maxwell Flooring for the year was
Homework Answers
Answer $ 150,000
.
Profit reported is revenues minus expenses.
Profit = $250,000-100000= $150,000.
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Maxwell Flooring started the year with total assets of $160,000
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