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...

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.