Calculations Flashcards
1
Q
What is the formula for selling price
A
CP x (100+ MU) /100
2
Q
What is the formula for cost price
A
SP x 100 /(100+MU)
3
Q
What the formula for gross profit
A
Sales - cost of sales
4
Q
What is the formula for Net profit
A
Income - expenses
5
Q
What is the formula for owners equity
A
(Capital - drawings) + Net profit
6
Q
What is the accounting equation formula
A
Assets = owners equity + liabilities
