The draft financial statements of Haseen’s business for the year ended 31 July 20×0 show a profit of $54,250 prior to the correction of the following errors:
- Cash drawings of $250 have not been accounted for.
- Debits amounting to $420, which were provided against in full during the year, should have been written off as irrecoverable.
- Rental income of $300 has been classified as interest receivable.
- On the last day of the accounting period, $200 in cash was received from a credit customer, but no accounting entries have been made.
What is Haseen’s amended profit for the year ended 31 july 20×2?
- $53,580
- $53,830
- $54,250
- $55,830
