Answered: gross profit

Business

Accounting

gross profit

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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Question

The following are extracts from a statement of profit or loss and other comprehensive income for the year ended 31 December 2009:

R’000

Sales revenue 10 000

Cost of sales (8 500)

Distribution costs (300)

Administrative expenses (200)

Net interest paid (150)

Taxation (500)

Dividends (100)

The gross profit is______.

Select one:

a. R1 500 000

b. R1 200 000

c. R10 000 000

d. R1 000 000

Rules by which an authority (usually a government) imposes a financial obligation on individuals or organizations within its domain. Property or transactions can be taxed. While taxes are primarily intended to fund the operation of a government, many tax laws are created to encourage or discourage certain behaviors by citizens or companies.

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