Analyzing Income Statements Worksheet\ Now that you know how to create Income Statements, given financial information, you can use the Income Statement to perform other calculations. For example, if you know that Total Revenue is

$4.5

million, and Cost of Goods Sold (COGS) is

$1.9

million, you can find your Gross Profit (GP) by using the Gross Profit formula:\

Gross Profit = Total Revenue - COGS

\ By plugging in the available values, you can find that Gross Profit is\

GP=$4.5 million -$1.9 million \ GP=$2.6 million

\ Try it:\ Dan's Deli has Total Revenue of

$32,500

this month. Dan spent

$21,400

on the goods that he sold. What is his gross profit?\ Ryan's Puppy Shop earned a total revenue of

$10,900

this week,

$6,400

was spent on the goods and pets that he sold. Find the gross profit.\ Rich's Hot Rod Shop made

$35,000

in repairs, and

$67,000

in sales of cars this month. If he spent

$48,000

on goods, including cars, that he sold, what was the gross profit for the month?

Now that you know how to create Income Statements, given financial information, you can use the Income Statement to perform other calculations. For example, if you know that Total Revenue is $4.5 million, and Cost of Goods Sold (COGS) is $1.9 million, you can find your Gross Profit (GP) by using the Gross Profit formula: GrossProfit=TotalRevenueCOGS By plugging in the available values, you can find that Gross Profit is GP=$4.5million$1.9millionGP=$2.6million Try it: 1. Dan's Deli has Total Revenue of $32,500 this month. Dan spent $21,400 on the goods that he sold. What is his gross profit? 2. Ryan's Puppy Shop earned a total revenue of $10,900 this week, $6,400 was spent on the goods and pets that he sold. Find the gross profit. 3. Rich's Hot Rod Shop made $35,000 in repairs, and $67,000 in sales of cars this month. If he spent $48,000 on goods, including cars, that he sold, what was the gross profit for the month