Miscellaneous expense is 10% of revenue Calculate the net income.
A.
N583,000
B.
N563,000
C.
N483,000
D.
N581,000
Correct answer is A
miscellaneous = 10% of 820,000
10/100×820,000 = 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