Question

If the total revenue is $3000, cost of goods is $1500, and total selling expense is $500; what is the profit of the business?

Answer 1

profit is revenue less all the expenses
soo profit = $3000 - ($1500+$500)
= $3000 - $2000
=$1000

Answer 2

The profit for business is $ 1000

Solution:

Let

P = the profit

R = the revenue

C = cost of goods

O = operating expense

Profit is given as:

Profit = Revenue - ( cost of goods + operating expense )

$P = R - ( C + O)$

From given,

R = 3000

C = 1500

O = 500

Therefore,

P = 3000 - ( 1500 + 500 )

P = 3000 - 2000

P = 1000

Thus the profit for business is $ 1000

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