Enter Mia’s total profit/loss for the month of January account in the box below
Are you stuck on this EverFi answer? Let’s break this down for you to give you the correct answer AND show you how to work it out:
For the month of January we can see that Mia has Revenue, Fixed, Expenses and Variable Expenses like so:
Revenue
| Dog Food | $3,500 |
| Cat Food | $2,100 |
| Pet Treats | $1,200 |
| Pet Suppies | $2,750 |
| Total | $9,550 |
Fixed Expenses
| Rent | $2,000 |
| Salaries | $2,000 |
| Utilities | $1,000 |
| Product Stock | $4,000 |
| Total | $9,000 |
Variable Expenses
| Newspaper Ad | $200 |
| Total | $200 |
Okay, so the question here is asking us to “Calculate whether Mia had a profit or loss”.
The first thing you need to do is add up the expenses.
Total Expenses = Fixed Expenses + Variable Expenses
Total Expenses = $9,000 + $200 = $9,200
So now we know that total expenses is $9,200 and total revenue is $9,550.
All you have to do is deduct total expenses from total revenue:
Profit/Loss = $9,550 - $9,200 = $350
Mia’s total profit/loss for the month of January account is $350.
Hope that helps you!
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