A trader had the following items in his statement of financial position on 31 December 2014 and 2015: 2014 2015 USD USD Land 2,000 2,000 Cars 1,000 – Payables 500 2,000 Receivables 2,000 2,000 Cash 500 – Closing inventory – 6,000 Accrued expenses – 1,000 During the period the trader made drawings of USD700.What was the trader’s profit for the year ended 31 December 2015?
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