A trader commenced business on 1 November 2015 reported the following balances in the first year of operation: £ Interes

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answerhappygod
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A trader commenced business on 1 November 2015 reported the following balances in the first year of operation: £ Interes

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A trader commenced business on 1 November 2015 reported the
following balances in the first year of operation:
£
Interest expense
£5,000
Heat and light expenses
£3,130
Telephone and postage
£2,470
Salaries and Wages
£40,000
Insurance
£10,000
Sales revenue
£250,000
Taxation expense
£17,350
Opening inventories
60,000
Purchases
58,460
Closing inventories
20,350
How much is the profit for the year ended 31 October 2016?
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