Costs as a Percentage of Revenue - In 2023, production costs made up approximately 61.7% of total revenue, up from 65.3% in 2022. In 2023, general and administrative expenses accounted for 19.7% of total revenue, up from 17.5% in 2022. These percentages show how much revenue goes into operating costs, highlighting the need for reducing expenses and efficiency-boosting initiatives.

Question to answer:

What formula did they use to get the percent of those in bold?

Instructions:

refer to the attached image.

Transcribed Image Text:

Assets Current Cash Internally restricted cash (Note 3) Accounts receivable (Note 7), (Note 10) Prepaid expenses Capital assets (Note 4) Restricted cash and term deposits (Note 5) Edmonton Opera Association Statement of Financial Position As at June 30, 2023 2023 2022 232,664 418,298 272,626 171,214 564,429 690,866 36,840 23,834 1,106,559 1,304,212 196,526 139,952 349,937 348,687 1,653,022 1,792,851 Liabilities Current Accounts payable and accruals Asset retirement obligation (Note 4) Current portion of CEBA loan (Note 7) 97,688 406,980 40,000 77,460 406,980 544,668 484,440 Deferred revenue 568,191 267,693 Deferred grant revenue (Note 5), (Note 8) 641,497 728,359 1,754,356 1,480,492 Assets Current Cash Internally restricted cash (Note 3) Accounts receivable (Note 7), (Note 10) Prepaid expenses Capital assets (Note 4) Restricted cash and term deposits (Note 5) Edmonton Opera Association Statement of Financial Position As at June 30, 2023 2023 2022 232,664 418,298 272,626 171,214 564,429 690,866 36,840 23,834 1,106,559 1,304,212 196,526 139,952 349,937 348,687 1,653,022 1,792,851 Liabilities Current Accounts payable and accruals Asset retirement obligation (Note 4) Current portion of CEBA loan (Note 7) 97,688 406,980 40,000 77,460 406,980 544,668 484,440 Deferred revenue 568,191 267,693 Deferred grant revenue (Note 5), (Note 8) 641,497 728,359 1,754,356 1,480,492