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 |
|