Assess the income statement below, based on a business that has been open for 1 month. Revenue:
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Question:
Assess the income statement below, based on a business that has been open for 1 month.
Revenue: | ||
Collars | $ 12,880 | |
Leashes | 10,800 | |
Harnesses | 14,000 | |
Total Revenue: | $ 37,680 | |
Cost of goods sold | (28,258) | |
Gross profit | $ 9,422 | |
Expenses: | ||
General and administrative salaries | $ (2,450) | |
Office supplies | (200) | |
Other business equipment | -150 | |
Total Expenses | $ 2,800.00 | |
Net Income/Loss | $ 34,880.00 | |
Related Book For
Managerial Accounting Tools for Business Decision Making
ISBN: 978-1118033890
3rd Canadian edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly
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