Put it to the testImagine, just one product, a few transactions, and you are the shopman, it's your problem: Opening balance sheet at 1 January, in euro, standard in all respects | Stock 1,000 products A | | Proprietor's capital | 30,000 | | at € 40 each | 40,000 | Loans | 10,000 | | | --------- | | --------- | | Total assets | 40,000 | Total liabilities | 40,000 |
Purchasing and selling activities
| Date | Purchasing | Cost-price | Date | Sales | Sales-price | | | (pieces) | (€/a piece) | | (pieces) | (€/a piece) | | 3 Jan. | 200 | 41 | 8 Jan. | 500 | 50 | | 11 Jan. | 600 | 44 | 15 Jan. | 200 | 56 | | | | | 20 Jan. | 400 | 58 | | 2 Febr. | 800 | 54 | 7 Febr. | 500 | 60 | | 12 Febr. | 400 | 55 | 24 Febr. | 300 | 65 |
Purchases and sales are paid for in cash. Determine the fiscal profit in these first two months; HC, FIFO. "Profit" (HC-system; FIFO) = € 28,900 This is not the net profit! Extra data: tax-tariff 35 %.
Determine the net profit in these first two months.
Mail me and I will send you the solution by means of The Profit Formula®.
Yours sincerely,
Jan F. Jacobs
info@jbadatabank.com
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