Lee opened his new business on 1.January 2016. On that date, theonly asset was a bank
balance of $10,000. During the year, Lee’d drawings from thebusiness totalled $35,000. On
31 December 2016, the assets and liabilities of the business wereas follows: Computers and
furniture $60,000, inventory of raw materials $16,500, finishedgoods, at cost $7,400, bank
overdraft $11,600, trade payables, $5,500, prepayments $1,500,trade receivables $4,500,
the provision for bad debts $2,000, bank loan $39,000, interestpayable $500, accrued
expenses, $2,600. What is the profit of the business in the year ended 31 December 2016? . . .