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Net Income: Revenue– ExpensesNet Sales: Gross Sales – Sales Returns and Allowances Total Inventory: Beginning Inventory Purchases Cost of Goods Sold: Total Inventory – Ending Inventory Gross Profit/
Net Sales: Gross Sales – Sales Returns and Allowances
Total Inventory: Beginning Inventory Purchases
Cost of Goods Sold: Total Inventory – Ending Inventory
Gross Profit/Net Operating Income: (Net Sales – Cost of Goods Sold) - Total Expenses
Assets:Liabilities Equity
Calculating gross profit for an organization does not provide the complete picture an organization's financial health. Healthcare Administrators often review key financial information regarding the organization's profit and losses. One representation of this information is found on the organization's primary financial statements, the Income Statement, and the Balance Sheet. Often these financial statements are provided to a HCAby the organization's accountant and understanding the information contained in these, and how it is calculated, is crucial to identifying potential issues and future opportunities.
Instructions
Use theIncome Statement Questions Word documentas you complete theExcel Income Statement by entering the supplied values from the Word document for March and April. Once you have completed the entries on the Income Statement, use the totals to answer questions on the Income Statement Questions Word document.
