Income Statement CFu

 A bakery has cupcake sales of $4000 for its first month of operation.

The cost of flour, sugar, and other ingredients is $1300.

Rent is $850

Utilities is $150

Wages $1500

Calculate the gross profit.

• $1700

• $2700

• $200

• $4000

Categorize the following: $3,000 earned from consulting services. ​ ​ ​ (a)  

• COGS
• Expenses
• Revenue

A graphic designer earns $1,500 from creating logos

Spends $400 on software subscriptions

$125 for internet

Calculate the net income.

• $975

• $1100

• $1375

• $525

Organize these options into the right categories

Groups:

(a) Expenses

,

(b) Revenue

,

(c) COGS

• Subscriptions

• Raw Materials
• Freight Costs
• Packaging Costs
• Direct Labor
• Ingredients

• Advertising

• Salaries

• Taxes

• Fees

• Office Supplies

• Utilities

• Commissions

• Investment Income

• Rent

• Royalties

• Sales

A car repair shop earned $5700 for repairs.

Replacement parts cost $1250
labor costs are $2200

shop utilities are $250.

Calculate the net income.

• $200

• $2000

• $2500

• $2250

Categorize the following: $2,000 spent on employee training.​ (a)  

• COGS
• Revenue
• Expense

An online store sells $15,000 worth of products.

The cost of the products is $9,000

Shipping costs are $1,000

Office supplies $100

What is the gross profit?

• $10,000

• $5000

• $4900

• $6000

What are COGS?

• Rent

• Utilities

• Taxes

• Raw Materials

Sales Revenue - Cost of Goods Sold = Gross Profit.

• True

• False

If I said, "What was the total revenue for Netflix this year?" What is one thing revenue could mean ​ (a)   ​

• Money Earned
• Number of streams
• Number of customers
• Debts