Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I got one question. Business value is $1.55 million. The accountant estimates that the business generates a gross profit of $990,000 with business expenses of

I got one question. Business value is $1.55 million. The accountant estimates that the business generates a gross profit of $990,000 with business expenses of $850,000. The business also has a $85,000 bank overdraft costing 12% variable interest, which is often fully drawn. how to calculate annual gross profit? Could you explain it to me step by step please? Thank you.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cases in Financial Reporting

Authors: Michael J. Sandretto

1st edition

538476796, 978-0538476799

More Books

Students also viewed these Finance questions

Question

What is required for a release to be enforceable?

Answered: 1 week ago

Question

Cite the characteristics of satisfying intimate relationships.

Answered: 1 week ago