A company has net assets at the start of the year of $150K. At year end the net assets have declined to $120K. During the year, the company revalued its assets upward creating a revaluation reserve of $100K and paid a dividend of $500K. How much net profit did it make in the year?

Circle the correct answer:

a.$530k

b.$430k

c.$600k

d.$370k

Question

A company has net assets at the start of the year of $150K. At year end the net assets have declined to $120K. During the year, the company revalued its assets upward creating a revaluation reserve of $100K and paid a dividend of $500K. How much net profit did it make in the year?

Circle the correct answer:

a.$530k

b.$430k

c.$600k

d.$370k

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