Determine the profit or loss for the month

Reference no: EM131210885

Accounting Exercise

1. Your business sold $6,000 in services this month. Your one employee who provided some of the service was paid $12.00 per hour and worked 80 hours during the month pius 7.62%Wpri Taxes. "Them were no other direct costs associated with the sales. Your basic operating expense for the month was $1,000 ($700 rent, $100 utilities, $100 communications, $100 Misc.). iliustrate below the income & Expense Statement for the month given the above facts and determine the profit or loss for the month.

Sales price per unit $100, Labor cost per unit sold $16. We are not including any non-cash expenses.

Income & Expense Statement

Description	Amount
Revenue
Cost of sales
Net Revenue

Operating Expense
Basic Operating Expense

Reference no: EM131210885

Questions Cloud

Explain strengths that you personally would bring to team : Suppose you were invited to join a team in charge of developing an organization's Business Plan. Explain the strengths that you personally would bring to the team. Provide a rationale for your response.

The factor price equalization theorem : "The factor-price equalization theorem indicates that with free trade the real wage earned by labor becomes equal to the real rental rate earned by landowners." Is this correct or not? Why?

Conduct a chi-squared goodness-of-fit test : Based on the above information, conduct a Chi-squared Goodness-of-Fit Test at 1% significance level.

Describe the iterator interface and explain its advantages : What role do statistics gathered from the database play in query optimization?

Determine the profit or loss for the month : Expense Statement for the month the above facts and determine the profit or loss for the month - Sales price per unit $100, Labor cost per unit sold $16. We are not including any non-cash expenses.

What will happen to domestic interest rates : If the Fed does not do the open market sale, what will happen to domestic interest rates and the money supply? - In which case is the foreign exchange transaction sterilized?

How many sorted runs are produced in the first pass : How many additional merge passes will be required to compute the final result of the projection query? What is the I/O cost of these additional passes?

Understanding of the sources of interest rate risk : FN0366 Interest Rate, Liquidity and Operational Risks Assignment. For your final evaluation, you are required to present a report critically analysing and demonstrating your understanding of the sources, measurement and management of the three risk..

What is consumer surplus : What is consumer surplus? - Using real-world data, what information would you need to measure consumer surplus for a product?

User Account

All Pages