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23 May 2020, 07:17
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The total profit of corporation K was $3,400,000 in year X. What was the total profit in year Y ?
(1) Income in year Y was 30 percent more than in year X.
(2) Costs in year Y were 40 percent more than in year X.
ID: 700148
DS21269
(1) Income in year Y was 30 percent more than in year X.
(2) Costs in year Y were 40 percent more than in year X.
ID: 700148
DS21269
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23 May 2020, 11:03
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Bunuel
The total profit of corporation K was $3,400,000 in year X. What was the total profit in year Y ?
(1) Income in year Y was 30 percent more than in year X.
(2) Costs in year Y were 40 percent more than in year X.
DS21269
(1) Income in year Y was 30 percent more than in year X.
(2) Costs in year Y were 40 percent more than in year X.
DS21269
Let Income in year X = I,
Costs in year X = C.
Statement 1: Income in year Y was 30 percent more than in year X.
Income in year Y = 130I/100.
Nothing is mentioned regarding the costs or profits in year Y. So we cannot calculate the profit.
So Insufficient.
Statement 2: Costs in year Y were 40 percent more than in year X.
Cost in Year Y = 140C/100.
Again an incomplete statement, since nothing is known about the income in either years. So the information is incomplete.
Thus, Insufficient.
Statement 1+ Statement 2:
Income in year Y = 130I/100.
Costs in Year Y = 140C/100.
But since we don't know the values of C and I, we cannot calculate the profit in year Y. Also, we cannot say for sure, that only income - Cost can be calculated to deduce the profit.
So overall the combination of the 2 statements is also Insufficient.
Answer E.
20 Sep 2020, 20:57
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What threw me off in this question was that I assumed profit = income (a common term in accounting)
