King Edward VII College Profit and Loss Financial year ending June 30, 2016 Income: Sales$800,000Expenses: Electricity and gas$6,000Internet$2,200Office supplies$2,400Rent$440,000Stationary$2,600Wages and salaries$250,000Superannuation$23,750Travel and accommodation$5,600Water$5,300Work cover insurance$4,000Total cost of sales:$742,450Gross Profit before tax$57,550 Exception report for 2016 In 2016 there was a variation in expected profit to actual profit by 20%. This was due to lower than expected student … Continue reading “no significant variations in profit and loss | My Assignment Tutor”
King Edward VII College Profit and Loss Financial year ending June 30, 2016 Income: Sales$800,000Expenses: Electricity and gas$6,000Internet$2,200Office supplies$2,400Rent$440,000Stationary$2,600Wages and salaries$250,000Superannuation$23,750Travel and accommodation$5,600Water$5,300Work cover insurance$4,000Total cost of sales:$742,450Gross Profit before tax$57,550 Exception report for 2016 In 2016 there was a variation in expected profit to actual profit by 20%. This was due to lower than expected student numbers in the first year of operation. In all other years, there were no significant variations in profit and loss. Profit and Loss Financial year ending June 30, 2017 Income: Sales$1,270,000Expenses: Electricity and gas$6,000Internet$2,200Office supplies$2,400Rent$440,000Stationary$2,600Wages and salaries$350,000Superannuation$33,250Travel and accommodation$5,600Water$5,300Work cover insurance$4,000Total cost of sales:$851,350Gross Profit before tax$418,650 Exception report No exceptions to report. Profit and Loss Financial year ending June 30, 2018 Income: Sales$1,860,000Expenses: Electricity and gas$6,600Internet$2,420Office supplies$2,900Rent$440,000Stationary$2,600Wages and salaries$800,000Superannuation$76000Travel and accommodation$6,150Water$5,830Work cover insurance$4,400Total cost of sales:$1,346,900Gross Profit before tax$513,100 Exception report All costs increased by 10% except rent and wages. These stayed the same as rent is subject to a lease and wages costs increased as expected due to the need to recruit additional staff due to increase in students. At the time of producing this report, it is expected that all costs except for rent and wages should be expected to increase by 10% per year.
