Profit and Loss Statement Week Ending March 24, 2014 Income: Cash Sales $7,260 Expenses: Merchandise $3,160 Rent 750 Insurance 240 Licences etC. 90 Tax Remittance 1,860 200 Advertising Depreciation 600 $6,900 The owners have put $40,000 into the business and they worked a total of 80 hours during the week. Savings accounts urrently paving 5 2% interest and the goina wage rate is $8 per hour.
Profit and Loss Statement Week Ending March 24, 2014 Income: Cash Sales $7,260 Expenses: Merchandise $3,160 Rent 750 Insurance 240 Licences etC. 90 Tax Remittance 1,860 200 Advertising Depreciation 600 $6,900 The owners have put $40,000 into the business and they worked a total of 80 hours during the week. Savings accounts urrently paving 5 2% interest and the goina wage rate is $8 per hour.
Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter21: Supply Chains And Working Capital Management
Section: Chapter Questions
Problem 6P
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![Profit and Loss Statement
Week Ending March 24, 2014
Income:
Cash Sales
$7,260
Expenses:
Merchandise
$3,160
Rent
750
Insurance
240
Licences etc
90
Tax Remittance
1,860
Advertising
200
Depreciation
600
$6,900
The owners have put $40,000 into the business and they worked a total of 80 hours during the week. Savings accounts
are currently paying 5.2% interest and the going wage rate is $8 per hour.
Refer to the information above to answer this question. According to an accountant, what is the week's profit for the Do Drop In?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc5b56a60-8c98-4ce9-8e74-e2cca0690b58%2F3f8dc15f-94f8-4dd9-9973-c7eb277a411a%2Fobsni5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Profit and Loss Statement
Week Ending March 24, 2014
Income:
Cash Sales
$7,260
Expenses:
Merchandise
$3,160
Rent
750
Insurance
240
Licences etc
90
Tax Remittance
1,860
Advertising
200
Depreciation
600
$6,900
The owners have put $40,000 into the business and they worked a total of 80 hours during the week. Savings accounts
are currently paying 5.2% interest and the going wage rate is $8 per hour.
Refer to the information above to answer this question. According to an accountant, what is the week's profit for the Do Drop In?
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