Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following table shows the revenue and expenses of DYI Stores Ltd, a high street chain selling DYI goods. Revenue Expenses Actual profits Budgeted profits

The following table shows the revenue and expenses of DYI Stores Ltd, a high street chain selling DYI goods.

Revenue

Expenses

Actual profits

Budgeted profits

2013

316,449,668.60

313,395,191.59

3,054,477.01

3,046,000.00

2014

354,423,628.83

344,734,710.74

9,688,918.09

9561,000.00

2015

396,954,464.29

379,208,181.82

17.746,282.47

18,115,000.00

c. Based on the above table, explain the law of probability and calculate is the likelihood of your actual profits being higher than the budgeted profits.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions