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The new accountant at 1-Dolla-Down wants to know if the business made a profit or loss for the prior financial year (2021). He cannot
The new accountant at 1-Dolla-Down wants to know if the business made a profit or loss for the prior financial year (2021). He cannot access the by the former accountant but is able to provide the information below: 15% Loan Bank Stock Capital 30-Sep-2021 166,000 275,000 210,000 300,000 Additionally, the capital at the end of September 2020 was $360,000, and the drawings taken by the owner in 2021 is $44,000. Did 1-Dolla-Down make a profit or loss for 2021, and how much was it? O a. $104,000 profit O b. $16,000 profit O c. $104,000 loss O d. $16,000 loss
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