What is the net profit for 2006?

Use the information below to answer the question.

…………………….31 Dec. 05……..31 Dec. 06

Total fixed assets………N7 800…………N6 600
Total current assets…….N12 100…………N17800
Total current liabilities..N4 700…………N3 800

Drawings for 2006 is N5 200.

A. N19 000
B. N16 000
C. N12 600
D. N10 600

Correct Answer:

Option D – N10 600