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What does being on commission mean?
When a sales person works 'on commission', that person's earnings are directly tied to the amount of goods, services or products that the sales person can sell.
What are the Terms from a financial statement that will be used in calculation of a ratio?
1. Sales - This refers to the net sales done by the company during the reporting period (After deducting returns, allowances and discounts charged on the invoice) 2. Net Income - Amount earned by the company after taxes, depreciation, amortization and payment of interests 3. COGS - Cost of goods sold or cost of sales 4. EBIT - Earnings before Interest and Taxes 5. EBITDA - Earnings before Interest, Taxes, Depreciation and Amortization 6. EPS - Earnings Per Share
What types of Canadian tax is there?
The main types of taxation that an individual in Canada has to pay are income tax on earnings, and sales tax on purchases. Additionally, tax is due on profit from property sales and on the importation of certain goods.
Does revenue equal total sales?
Revenue generally refers to the total income generated from the sale of goods or services before any expenses are deducted. While total sales can contribute to revenue, revenue also encompasses other income sources such as interest, royalties, or investments. Therefore, while total sales is a component of revenue, they are not necessarily equal.
What is margin of profit?
Gross profit or gross margin is equal to:Sales less: Costs of Goods SoldIt can be expressed as a numerical value or as a percentage of sales [(Sales-COS)/Sales].
What is Cost of sales plus profit?
Cost of sales plus profit refers to the total expenses incurred in producing goods or services (cost of sales) combined with the profit earned from selling those goods or services. This figure essentially represents the total revenue generated from sales, as it accounts for both the costs associated with production and the earnings made from those sales. In a simple equation, it can be expressed as: Revenue = Cost of Sales + Profit. Understanding this concept is crucial for assessing a company's overall financial performance.
How do you calculate sales revenue knowing margin and cost of goods?
IF cost of goods is available and margin is also provided then sales can be calculated as follows: Sales = Cost of goods / margin of sales
How do you calculate your net income after taxes?
Your income before taxes is your operating income, and your income after taxes is your "net" income. * + Net Sales (Sales - Returns) * - Cost of Goods Sold * ------------------------------------ * = Gross Profit (Gross Margin, Gross Income) * - Operating Expenses * ------------------------------------- * = Operating Income * + Gains (not related to usual operations) * - Losses (not related to usual operations) * ----------------------------------------------------- * = Earnings before Interest and Taxes * - Interest * - Taxes * ------------------------------------------------------ * Net Income
How much is the sales tax on 19.50 worth of goods if the tax rate is 7?
The sales tax is $1.365. Assuming it is rounded up, the tax would equal $1.37 and the total cost would be $20.87.
What is the sales tax rate on used goods in this state?
The sales tax rate on used goods in this state is X.
Formula for operating income?
Operating income is equal to total revenues minus cost of goods sold, labor, and general expenses. Operating income is called Earnings Before Interest and Taxes. What is not included in expenses to be calculated in operating income is one time expenses, legal settlements, or adjustments.
What were sales of frozen baked goods in 2002?
As a market segment, frozen baked goods realized sales of $1.5 billion in 2002
