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John Fishes for a Living

Question 2

Multiple Choice

John fishes for a living. Last year, he sold $100,000 worth of fish. Bait, nets and other fishing supplies cost John $10,000 and he paid $40,000 in salaries to his helpers. Depreciation on his boat and other equipment, as calculated using ATO rules, was $15,000. What was John's profit as would be calculated by an accountant?


A) $165,000
B) $65,000
C) $100,000
D) $35,000
E) None of the above answers is correct.

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