Miscellaneous expense is 10% of revenue Calculate the net income.
-
N583,000
- N563,000
- N483,000
- N581,000
The correct answer is: A
Explanation
Revenue = 820,000
miscellaneous = 10% of 820,000
\(\frac{10}{100}\times {820,000}\) = 82,000
miscellaneous expense= 82,000
Expenses = office rent + nepa (light) + salary of staff + miscellaneous
20,000 + 15,000 + 120,000 + 82,000 = 237,000
net income = revenue - expenses
820,000 - 237,000 = 583000