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If the total revenue is 3000 cost of goods is 1500 and total selling expense is 500 what is the profit for the business?
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∙ 6y ago
If total revenue is 3000, the cost of goods is 1500, and total selling expense is 500 then the profit made is 1000.
Laverna Zieme
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If total Revenue is 3000 Cost of Goods is 1500 and total Selling Expense is 500 what is the Profit for the business?
If total revenue is 3000, the cost of goods is 1500, and total selling expense is 500 then the profit made is 1000.
Is sales revenue an expense or asset?
Sales is a revenue not an expense or asset while difference between sales and expense is profit which is liability for business.
What is the profit if total revenue is 3000 cost of goods is 1500 and total selling expense is 500?
None
How business make a profit?
by selling goods at higher revenue than the cost it was paid for.
Is profit the payment that business owners receive for assuming the considerable risks of ownership?
yes..easiest way of understanding profit=revenue-expense.
What does the Profit and Loss statement indicates?
The statement of profit and loss follows a general format that begins with an entry for revenue and subtracts from revenue the costs of running the business, including cost of goods sold, operating expenses, tax expense and interest expense. The bottom line (literally and figuratively) is net income (profit).
What statement have selling expense?
Profit and Loss Statement
If total revenue is 3000 cost of goods is 1500 and total selling expense is 500 what is the profit?
Profit is the difference between your income (3000) and your expenses (1500 + 500) So add 1500 and 500, and subtract THAT from 3000. The answer is your profit- on which you will pay taxes.
What is the difference between the revenue that a company brings in from selling goods and services and the cost of generating this revenue called?
For a normal business it is Profit or Loss (depending upon which is greater) For a non-profit organisation (eg a Charity) it is Surplus or Deficit.
How does prepaid expense and accrued expense affect the profit of a business?
it will either increase or decrease profit. Prepaid expense should increase profit as the amount has been overstated.
Is expense an asset or liabilty?
It is neither. An expense is not entered into the Balance Sheet but reduced from the revenue in the Profit and Loss Account to calculate profit. Note: However, a deferred expenditure (written off by the business over a number of years) is considered to be a fictitious assets until it is paid off. eg. preliminary expenses of a business.
What is a Depreciation Expense in accounting?
Depreciation expense is the process of reducing the cost of fixed asset during the fiscal life of a long term asset through annual fixed amount of expense charged to profit and loss account of business in which that long term asset is utilized in business to generate revenue.
