Question

Julius operates an athletic apparel stor. His records indicate that he had sales of 97,000. Customer return $ 2000 worth of clothing and shoes because of various reason. His cost of good sold was $ 25,000. What is Julius schedule c ( form) gross profit

Answer 1

Julius's Schedule C gross profit is $72,000

($97,000 sales - $2,000 returns - $25,000 cost of goods sold = $70,000 gross profit).

What does the profit actually mean?

income from trade or business after covering the costs of generating and disbursing goods and services: Selling scraps to textile businesses brings her a sizable profit.

The purpose of profit calculation

A business's primary goal should be to earn a profit. Understanding where your business is producing money and where you are spending it can help you assess your level of success. Calculating your profit can also provide you this information.

What does profit math look like?

Income less all costs. As an illustration, Sam's Bakery collected $900 yesterday, but its expenses, including salaries, food, and power, were $650. Profit was therefore $900 divided by $650 to equal $250.

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