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If a company has a trial balance showing $10,000 in Sales Revenue and $2,000 in
If a company has a trial balance showing $10,000 in Sales Revenue and $2,000 in Cost of Goods Sold, what is the gross profit?
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Practice Questions
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Q1
If a company has a trial balance showing $10,000 in Sales Revenue and $2,000 in Cost of Goods Sold, what is the gross profit?
$8,000
$10,000
$2,000
$12,000
Show Solution
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Gross profit is calculated as Sales Revenue - Cost of Goods Sold, which is $10,000 - $2,000 = $8,000.
Questions & Step-by-step Solutions
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Q
Q: If a company has a trial balance showing $10,000 in Sales Revenue and $2,000 in Cost of Goods Sold, what is the gross profit?
Solution:
Gross profit is calculated as Sales Revenue - Cost of Goods Sold, which is $10,000 - $2,000 = $8,000.
Steps: 6
Show Steps
Step 1: Identify the Sales Revenue amount, which is $10,000.
Step 2: Identify the Cost of Goods Sold amount, which is $2,000.
Step 3: Use the formula for gross profit: Gross Profit = Sales Revenue - Cost of Goods Sold.
Step 4: Substitute the values into the formula: Gross Profit = $10,000 - $2,000.
Step 5: Perform the subtraction: $10,000 - $2,000 = $8,000.
Step 6: Conclude that the gross profit is $8,000.
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