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How much is the profit for the year for ab traders

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Reference no: EM132906671

Problem 1: Which of the following statements are true?

A. The first section of the statement of profit or loss for a trading entity shows the buying and selling of goods.
B. The first section of the statement of profit or loss for a trading entity shows profit for the year.
C. The first section of the statement of profit or loss for a trading entity shows the finance costs.
D. None of the options provided.

AB Traders has the following figures in its statement of profit or loss:

Sales R920 000

Cost of sales R320 000

Other income R 50 000

Drawings R 20 000

Salaries R220 000

Advertising R100 000

Rent paid R 80 000

Other expenses R 50 000

Problem 2: How much is the profit for the year?

A. R650 000
B. R150 000
C. R600 000
D. R200 000

Reference no: EM132906671

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