Enter Mia’s total profit/loss for the month of May account in the box below
Last updated:
March 19th, 2024
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 May we can see that Mia has Revenue, Fixed, Expenses and Variable Expenses like so:
Revenue
| Dog Food | $3,650 |
| Cat Food | $2,850 |
| Pet Treats | $1,650 |
| Pet Suppies | $1,800 |
| Total | $9,950 |
Fixed Expenses
| Rent | $2,000 |
| Salaries | $2,000 |
| Utilities | $1,000 |
| Product Stock | $4,000 |
| Total | $9,000 |
Variable Expenses
| Card Purchase | $300 |
| Total | $300 |
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 + $300 = $9,300
So now we know that total expenses is $9,300 and total revenue is $9,950.
All you have to do is deduct total expenses from total revenue:
Profit/Loss = $9,950 - $9,300 = $650
Mia’s total profit/loss for the month of May account is $650.
Hope that helps you!
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