Question 18 Not yet answered A trader commenced business on 1 November 2015 reported the following balances in the first year of operation: E Marked out of 1.00 Interest expense Heat and light expenses Telephone and postage Salaries and Wages 7,500 1,565 4,000 F Flag question Insurance Sales revenue 55,000 12,500 400,000 29.000 75,000 62.000 Taxation expense Opening inventories Purchases Closing inventories 34.164 How much is the profit for the year ended 31 October 2016? Select one: a. 269,271 b. 119,271 c. 187,599 d. 228,435 4 LED sty o