Sales Revenue: $71,200
Cost of Goods Sold: (a)
Gross Profit: $30,000
Operating Expenses: (b)
Net Income: $12,100
Find the missing amounts.
This is what I got:
a) $41,200
b) $17,900
I am pretty sure I am doing this right. But before I move on with my homework, I would like to know if I am on the right track. Thanks
Yes, looks good.
Sra
Oh thank god for you!! Thanks a bunch.
hamzanajam @ h o t m a i l . c o m
a : 71200-30000
b : 30000-12100
Yes, you are on the right track in finding the missing amounts. Let's go through the calculations to confirm your answers.
To find the missing amount for the Cost of Goods Sold (a), we can use the formula:
Sales Revenue - Cost of Goods Sold = Gross Profit
Substituting in the given values:
$71,200 - (a) = $30,000
To isolate (a), we can subtract $30,000 from both sides of the equation:
(a) = $71,200 - $30,000
(a) = $41,200
So, your answer for the Cost of Goods Sold (a) is indeed $41,200.
Next, to find the missing amount for Operating Expenses (b), we can use the formula:
Gross Profit - Operating Expenses = Net Income
Substituting in the given values:
$30,000 - (b) = $12,100
To isolate (b), we can subtract $12,100 from both sides of the equation:
(b) = $30,000 - $12,100
(b) = $17,900
Therefore, your answer for the Operating Expenses (b) is correct at $17,900.
Great job on your calculations! Your answers match with the missing amounts for Cost of Goods Sold and Operating Expenses. You can proceed confidently with your homework.