Formulas
What is the formula for a balance sheet?
Assets = Liabilities + Owners Equity
What is an asset?
Something that the business owns
What is the first number you will find on an income statement
Sale revenue
What are cash inflows
Revenue coming into the business
What Airline Company recently went into administration and where would this fall in the business life cycle?
Bonza and post maturity decline
What is the formula for COGS
COGS = OS + P - CS
What is a liability?
Something that the business owes
What is the Cost of Goods Sold
COGS is the value of goods sold in a particular time
What are cash outflows
Payments being made
What was the theme at the met gala?
The Garden of Time
What is the formula for Gross Profit?
Gross Profit = Sales revenue - COGS
What is the difference between current and non current
current: less then 12 months
non-current: more then 12 months
Complete the following income statement
Sales revenue - 110000
COGS - 50000
Expenses - 20000
COGS -50000
Gross profit - 50000
Exp - 20000
Net profit - 30000
What is the opening balance for each month?
The closing balance from the previous month
The government announced a change in the week to all individuals with a hecs debt
The interest that is applied to hecs will be lowered
What is the formula for Net Profit?
Net Profit = Gross Profit - Expenses
153000 = Liabilities + 107300
Liabilities = 45700
Find COGS
Opening stock - 14580
Purchases - 1300
Closing stock - 8670
COGS = 7210
What is the closing balance for this month
opening - 600
cash inflow - 400
cash outflow - 350
Closing balance - 650
Arndell is versing who in a Rugby Game this afternoon?
William Clarke College
What is the formula for a cash flow statement
What is goodwill?
Goodwill is the monetary value of a business reputation. This is considered a non current tangible asset
What can a business decrease in order to increase their net profit
Decrease their expenses
What is the opening balance for this month?
Cash inflow - 8000
cash outflow - 9000
closing balance - (5500)
Opening balance = -4500
What date is the 2024 HSC Business Studies Paper
29th October