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Adwoa is a business consultant. She provided the following information at the end of her first financial year on 30 April 2019. fees earned during the year fees owed by clients at 30 April 2019 cost of computer equipment purchased loan interest paid other business expenses What was Seema's profit for the year? GHC 244 000 22 000 26 000 4 000 142 000

Adwoa is a business consultant. She provided the following information at the end of her first financial year on 30 April 2019. fees earned during the year fees owed by clients at 30 April 2019 cost of computer equipment purchased loan interest paid other business expenses What was Seema's profit for the year? GHC 244 000 22 000 26 000 4 000 142 000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Adwoa is a business consultant. She provided the following information at the end of her first financial year on 30 April 2019. fees earned during the year fees owed by clients at 30 April 2019 cost of computer equipment purchased loan interest paid other business expenses What was Seema's profit for the year? GHC 244 000 22 000 26 000 4 000 142 000
Transcribed Image Text:Adwoa is a business consultant. She provided the following information at the end of her first financial year on 30 April 2019. fees earned during the year fees owed by clients at 30 April 2019 cost of computer equipment purchased loan interest paid other business expenses What was Seema's profit for the year? GHC 244 000 22 000 26 000 4 000 142 000
Expert Solution
Step 1 Introduction

Income Statement :— It is one of the financial statement that shows profitability of company during the period. 

 

Revenue :— It is the income earned by company for providing services or delivery of goods to customer. 

 

Expenses :— It is the cost that is incurred to earn revenue. 

 

Net Profit :— It is the difference between total revenue and total expenses. 

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