Question 18

Given the following information, which one is the net profit/loss?

Sales 100,000; Cost of sales 75,000; Expenses 10,000; Assets 30,000; Liabilities 50,000.

A 25,000 profit

B 25,000 loss

C 15,000 profit

D 15,000 loss

Question 19

An entity which a business owes money to is a ____________; and when money is owed to the business, that entity is a ____________.

A Accrual : Creditor

B Debtor : Accrual

C Creditor : Debtor

D Debtor : Creditor