Answer to Question #97549 in Economics for Joshua

Question

3.What is the net profit figure for the year ended from the following information: Capital (at 1/1/2017) - N4,916,000; Capital (at 31/12/2017) - N5,864,000; Drawings during the year - N1,040,000; Additional Capital introduced during the year - N 400,000 ?
a.1588000
b.1805000
c.5864000
d.1500000

4.Compute sales turnover if the gross profit is N33,062,000 and cost of sales is N56,539,000.
a.89601000
b.22477000
c.56539000
d.32062000

Answer 1

3. The net profit is: 5,864,000 - (4,916,000 - 1,040,000 + 400,000) = N1,588,000.

So, the correct answer is a.

4. Sales turnover = Gross profit + Cost of sales = N33,062,000 + N56,539,000 = N89601000.

So, the correct answer is a.