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A business has a gross profit of $42,000 and the following expenses: salaries $11,000, legal charges $25,000, consultancy fees $32,000, audit fees $1,000, electricity charges $17,000, telephone charges $12,000, and stationery $27,000. What is the net profit or loss?
- a)Net profit of $43,000
- b)Net loss of $17,000
- c)Net profit of $17,000
- d)Net loss of $83,000
Correct answer is option 'D'. Can you explain this answer?
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Most Upvoted Answer
A business has a gross profit of $42,000 and the following expenses: s...
Net profit or loss is calculated by subtracting total expenses from gross profit.
Total Expenses = $11,000 + $25,000 + $32,000 + $1,000 + $17,000 + $12,000 + $27,000 = $125,000
Net Profit/Loss = Gross Profit - Total Expenses
Net Profit/Loss = $42,000 - $125,000 = Net loss of $83,000
Total Expenses = $11,000 + $25,000 + $32,000 + $1,000 + $17,000 + $12,000 + $27,000 = $125,000
Net Profit/Loss = Gross Profit - Total Expenses
Net Profit/Loss = $42,000 - $125,000 = Net loss of $83,000
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Community Answer
A business has a gross profit of $42,000 and the following expenses: s...
Given information:
- Gross profit: $42,000
- Salaries: $11,000
- Legal charges: $25,000
- Consultancy fees: $32,000
- Audit fees: $1,000
- Electricity charges: $17,000
- Telephone charges: $12,000
- Stationery: $27,000
Calculating total expenses:
To calculate the net profit or loss, we need to determine the total expenses by adding up all the expenses mentioned.
Total expenses = Salaries + Legal charges + Consultancy fees + Audit fees + Electricity charges + Telephone charges + Stationery
Total expenses = $11,000 + $25,000 + $32,000 + $1,000 + $17,000 + $12,000 + $27,000
Total expenses = $125,000
Calculating net profit/loss:
Net profit or loss is calculated by subtracting the total expenses from the gross profit.
Net profit or loss = Gross profit - Total expenses
Net profit or loss = $42,000 - $125,000
Net profit or loss = -$83,000
Interpreting the result:
The net profit or loss is -$83,000. A negative value indicates a loss. Therefore, the correct answer is option 'D' - Net loss of $17,000.
- Gross profit: $42,000
- Salaries: $11,000
- Legal charges: $25,000
- Consultancy fees: $32,000
- Audit fees: $1,000
- Electricity charges: $17,000
- Telephone charges: $12,000
- Stationery: $27,000
Calculating total expenses:
To calculate the net profit or loss, we need to determine the total expenses by adding up all the expenses mentioned.
Total expenses = Salaries + Legal charges + Consultancy fees + Audit fees + Electricity charges + Telephone charges + Stationery
Total expenses = $11,000 + $25,000 + $32,000 + $1,000 + $17,000 + $12,000 + $27,000
Total expenses = $125,000
Calculating net profit/loss:
Net profit or loss is calculated by subtracting the total expenses from the gross profit.
Net profit or loss = Gross profit - Total expenses
Net profit or loss = $42,000 - $125,000
Net profit or loss = -$83,000
Interpreting the result:
The net profit or loss is -$83,000. A negative value indicates a loss. Therefore, the correct answer is option 'D' - Net loss of $17,000.
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A business has a gross profit of $42,000 and the following expenses: salaries $11,000, legal charges $25,000, consultancy fees $32,000, audit fees $1,000, electricity charges $17,000, telephone charges $12,000, and stationery $27,000. What is the net profit or loss?a)Net profit of $43,000b)Net loss of $17,000c)Net profit of $17,000d)Net loss of $83,000Correct answer is option 'D'. Can you explain this answer?
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A business has a gross profit of $42,000 and the following expenses: salaries $11,000, legal charges $25,000, consultancy fees $32,000, audit fees $1,000, electricity charges $17,000, telephone charges $12,000, and stationery $27,000. What is the net profit or loss?a)Net profit of $43,000b)Net loss of $17,000c)Net profit of $17,000d)Net loss of $83,000Correct answer is option 'D'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A business has a gross profit of $42,000 and the following expenses: salaries $11,000, legal charges $25,000, consultancy fees $32,000, audit fees $1,000, electricity charges $17,000, telephone charges $12,000, and stationery $27,000. What is the net profit or loss?a)Net profit of $43,000b)Net loss of $17,000c)Net profit of $17,000d)Net loss of $83,000Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A business has a gross profit of $42,000 and the following expenses: salaries $11,000, legal charges $25,000, consultancy fees $32,000, audit fees $1,000, electricity charges $17,000, telephone charges $12,000, and stationery $27,000. What is the net profit or loss?a)Net profit of $43,000b)Net loss of $17,000c)Net profit of $17,000d)Net loss of $83,000Correct answer is option 'D'. Can you explain this answer?.
A business has a gross profit of $42,000 and the following expenses: salaries $11,000, legal charges $25,000, consultancy fees $32,000, audit fees $1,000, electricity charges $17,000, telephone charges $12,000, and stationery $27,000. What is the net profit or loss?a)Net profit of $43,000b)Net loss of $17,000c)Net profit of $17,000d)Net loss of $83,000Correct answer is option 'D'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A business has a gross profit of $42,000 and the following expenses: salaries $11,000, legal charges $25,000, consultancy fees $32,000, audit fees $1,000, electricity charges $17,000, telephone charges $12,000, and stationery $27,000. What is the net profit or loss?a)Net profit of $43,000b)Net loss of $17,000c)Net profit of $17,000d)Net loss of $83,000Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A business has a gross profit of $42,000 and the following expenses: salaries $11,000, legal charges $25,000, consultancy fees $32,000, audit fees $1,000, electricity charges $17,000, telephone charges $12,000, and stationery $27,000. What is the net profit or loss?a)Net profit of $43,000b)Net loss of $17,000c)Net profit of $17,000d)Net loss of $83,000Correct answer is option 'D'. Can you explain this answer?.
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ample number of questions to practice A business has a gross profit of $42,000 and the following expenses: salaries $11,000, legal charges $25,000, consultancy fees $32,000, audit fees $1,000, electricity charges $17,000, telephone charges $12,000, and stationery $27,000. What is the net profit or loss?a)Net profit of $43,000b)Net loss of $17,000c)Net profit of $17,000d)Net loss of $83,000Correct answer is option 'D'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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