Profits last year was exorbitant

There's a subject-verb error in that sentence.

Profits = plural subject
was = singular verb
http://grammar.ccc.commnet.edu/grammar/sv_agr.htm

How will you fix this?

To determine if profits last year were exorbitant, you will need to gather financial information from the previous year and compare it to relevant benchmarks or industry standards. Here's how you can do it:

1. Obtain financial statements: Retrieve the financial statements for the previous year, such as the income statement, balance sheet, and cash flow statement. These statements can be acquired from a company's annual report or financial accounting software.

2. Calculate net profit: Look for the net profit (also known as net income or earnings) figure on the income statement. Net profit represents the company's total revenue minus expenses. If you're evaluating profits for an individual or sole proprietorship, review the profit and loss statement instead.

3. Compare with previous years: Analyze the net profit for the previous year and compare it with profits from earlier years. This will help you identify any significant changes in profits over time.

4. Benchmark against industry standards: Research industry-specific financial benchmarks or standards to determine what is considered to be a typical level of profitability for companies in that sector. You can find this information through industry associations, regulatory bodies, or financial publications.

5. Consider external factors: Examine any external factors that may have affected profits, such as economic conditions, market trends, or changes in business strategy. This will help you understand if the profits were influenced by company-specific factors or broader industry trends.

By following these steps, you can evaluate if the profits last year were truly exorbitant or if they fall within expected ranges for the company or industry.