A trader prepared a draft income statement which showed a profit for the year of ＄36 000.
A check of the books revealed the following information.
1- Drawings made by the owner of ＄900 had been debited to the wages account.
2- The provision for doubtful debts was increased by＄ 20 at the year-end. The income statement was charged with the total provision of ＄260.
3- The total of the discount allowed column in the cash book, ＄140, for one month had not been debited to the discount allowed account.
What was the correct profit for the year?
1 )
＄34 720
2 )
＄36 520
＄37 000
4 )
＄37 280
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