Insufficient data for profit calculation Steps:

• Identify opening capital as total assets (1 Jan) minus total liabilities (1 Jan, current only).
• Identify closing capital as total assets (31 Dec) minus total liabilities (31 Dec, current plus long-term loan).
• Apply formula: Profit = closing capital - opening capital + drawings ($12,000).
• Total assets (opening and closing) and any fixed assets are required but not provided.

Why B is correct:

• Not applicable; calculation impossible without total assets.

Why the others are wrong:

• A. $7000: Incorrect; lacks basis without missing data.
• C. $19000: Incorrect; lacks basis without missing data.
• D. $29000: Incorrect; lacks basis without missing data

Not enough information.

Final answer: Not enough information.