Question

Nike reported a profit of $28,951,000 for one quarter (3 months), a profit of $20,570,000 for the second quarter, a profit of $15,342,000 the third quarter, and a loss of $48,037,000 for the fourth quarter. What was the net profit for the year

Answer 1

Answer:

$\ 16,826,000$.

Step-by-step explanation:

We have been given that Nike reported a profit of $28,951,000 for one quarter (3 months), a profit of $20,570,000 for the second quarter, a profit of $15,342,000 the third quarter, and a loss of $48,037,000 for the fourth quarter.

To find the net profit for year, we will subtract the loss in the 4th quarter from the sum of profit in 3 quarters as:

$\text{Net profit for the year}=\ 28,951,000+\ 20,570,000+\ 15,342,000-\ 48,037,000$

$\text{Net profit for the year}=\ 64,863,000-\ 48,037,000$

$\text{Net profit for the year}=\ 16,826,000$

Therefore, the net profit for the year was $\ 16,826,000$.