Flip or Flop is a retail shop selling a wide variety of sandals and beach footwear....
Flip or Flop is a retail shop selling a wide variety of sandals and beach footwear. In 2019, they had gross revenue from sales totaling $93,200. Their operating expenses for this same period were $34,000. If their Cost of Goods Sold (COGS) was 21% of gross revenue, what was their net operating income for the year?
Homework Answers
Their net operating income for the year was $39,628
Explanation:
Flip or Flop's net operating income for the year = Gross revenue - Cost of Goods Sold - Operating expenses
Cost of Goods Sold (COGS) was 21% of gross revenue, therefore:
Cost of Goods Sold = 21% x $93,200 = $19,572
The company has operating expenses for this same period of $34,000.
Net operating income for the year = $93,200 - $19,572 - $34,000 = $39,628
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Flip or Flop is a retail shop selling a wide variety of sandals
and beach footwear....
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Income Statement
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Revenue:
Cost of Goods Sold:
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Gross Profit
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Income Statement
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Revenue:
Cost of Goods Sold:
Cost of Goods Sold
Gross Profit
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March
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April
2,500
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Suppose each handisaw takes approximately 0.65 hours to
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