An abridged version of a company's income statement for 11993 contains the following information: Turnover N286.5 Cost of goods sold N147.5 Overhead and oth...

Assessment: JAMB UTME - Commerce - 1999 Subject: Commerce

Question 1 Report

An abridged version of a company's income statement for 11993 contains the following information:

Turnover N286.5

Cost of goods sold N147.5

Overhead and other expenses N85.5

Taxes due for the year N26.9

What was the company's profit before tax for 1993?

Answer Details
To calculate the company's profit before tax for 1993, we need to subtract the cost of goods sold and overhead and other expenses from the turnover. Turnover - (Cost of goods sold + Overhead and other expenses) = Profit before tax Substituting the values from the question: N286.5 - (N147.5 + N85.5) = N53.5 million Therefore, the company's profit before tax for 1993 was N53.5 million.
Read lesson note on Commerce (JAMB)
View Answer

Related Questions

1

The overriding advantage of home trade over foreign trade is
2

The organizational structure above represents
3

A distinction between Comprehensive insurance and Thrid party Insurance is that the latter covers damages
4

Which of the following document permit an importer to inspect his goods before the arrival of the bill of lading?
5

The term ‘5 Net 7’ on an invoice means that?
6

The elimination of fault in a computer programme is called?
7

The rate at which a central bank discount first class bills is called the
8

The document that indicate instant payment of cash for goods whenever the are delivered is

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning