Calculate the net profit from the information below?

By: |Published on: Dec 3|Categories: Accounting JAMB| 0 comments

Incomplete Record (Extract)

Sales………………………………..N10,600
Rent………………………N200
Depreciation of vehicle (cost N5000) 10%
Gross profit margin is 20%

A. N1 620
B. N1 920
C. N1 420
D. 2 120

Correct Answer:

Option C – N1 420

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