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James' net asset have increased by $125,000 over the year. He took drawings of $49,000 and paid in the proceeds of an insurance policy amounting
James' net asset have increased by $125,000 over the year. He took drawings of $49,000 and paid in the proceeds of an insurance policy amounting to $20,000.
What was his net profit for the year?
Question 3Answer
a.
$154,000
b.
$96,000
c.
$194,000
d.
$56,000
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