The company had sales of $50,000 and returns of $4,000, for net sales of $46,000. Cost of goods sold was $24,000, resulting in a gross profit of $22,000. After adding a $200 discount received and subtracting $11,100 in operating expenses including salaries, utilities, and interest, the company's net profit was $11,100.

1. Topic 2.2 Tutorial Exercise
Profit & Loss Statement
Sales 50000
Less Sales Return -4000
46000
Less COGS -24000
Gross Profit 22000
Add Discount Received 200
Adjusted Gross Profit 22200
Less Operating Expenses
Selling Expenses
Salary Expenses 7500
Discount Allowed 100
General Expenses
Utility Expenses 1500
Financial Expenses
Interest Expenses 2000
-11100
Net Profit 11100