Use the following information to answer this question The following are the final accounts of...
FINANCIAL
JAMB 2019
Use the following information to answer this question
The following are the final accounts of a trading organisation Wazobi ventures, for the year ended 30th June, 19x8
| # | # | |
| Sales less: cost of goods sold | 233,000 170,000 | |
| 63,000 | ||
| less: Overhead Expenses Admin expenses Selling expenses Other overhead expenses | 16,800 15,000 6,200 | |
| Net profit | 25,000 |
Calculate the net profit on percentage of expenses.
- A. 60%
- B. 25%
- C. 13%
- D. 65.7%
Correct Answer: D. 65.7%
Explanation
Net profit on % of expenses =
Net profit x 100
Expenses
= \(\frac{25000}{38000}\) x 100
= 65.7%
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