GMAT Club Forumhttps://gmatclub.com:443/forum/ The total profit of corporation K was \$3,400,000 in year X. What washttps://gmatclub.com/forum/the-total-profit-of-corporation-k-was-3-400-000-in-year-x-what-was-324952.html Page 1 of 1

 Author: Bunuel [ 23 May 2020, 06:17 ] Post subject: The total profit of corporation K was \$3,400,000 in year X. What was 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

 Author: bM22 [ 23 May 2020, 10:03 ] Post subject: Re: The total profit of corporation K was \$3,400,000 in year X. What was Bunuel wrote: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.DS21269Let 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.

 Author: daprince [ 20 Sep 2020, 19:57 ] Post subject: Re: The total profit of corporation K was \$3,400,000 in year X. What was What threw me off in this question was that I assumed profit = income (a common term in accounting)

 Author: ishita27 [ 20 Sep 2020, 21:31 ] Post subject: Re: The total profit of corporation K was \$3,400,000 in year X. What was The total profit of corporation K in year X is given.This means we know the difference between Income and Cost.(1) Income in year Y was 30 percent more than in year X. But we don't know the Income of year X, we only know the difference between Income and Cost- INSUFFICIENT(2) Costs in year Y were 40 percent more than in year X.But we don't know the Cost of year X, we only know the difference between Income and Cost- INSUFFICIENTTogether also, we only know the difference and not the actual Income and Cost . Hence INSUFFICIENTE is the answer

 Author: Basshead [ 26 Nov 2020, 17:12 ] Post subject: Re: The total profit of corporation K was \$3,400,000 in year X. What was Bunuel wrote: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.DS21269total profit = income - costs\$3,400,000 = I - C(1) Total profit in Year Y = 1.3I - CNo information about costs in Year Y; INSUFFICIENT.(2) Total profit in Year Y = I - 1.4CNo information about income in Year Y; INSUFFICIENT.(1&2)Combined, we can make the following equation:Total profit in Year Y = I.3I - 1.4CHowever, we can't determine neither the income or costs because we only know the total profit in Year X, not the specific amount of income or costs. INSUFFICIENT.

 Author: Sarmadk5 [ 04 Dec 2022, 14:26 ] Post subject: Re: The total profit of corporation K was \$3,400,000 in year X. What was Bunuel wrote: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.DS21269Statement 1, does not tell about total income of y . Just refers to percentage over X.Statement 2, tells only cost of Y more than X . In order to calculate total profit , There is no clue of initial investment of either X or Y. Thus , total profit of Year cannot be calculated from given data. Answer is E.Posted from my mobile device

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