Accounting Skills: Session Three – Case Study: Happy Haircuts
Calculate Harry’s net profit or loss for the month using accrual and cash accounting.
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Accrual (BWP) Cash (BWP) Revenue Expenses Rent Wages Utilities Equipment Supplies Total Expenses Net Profit or (Loss)
Accrual (BWP) Cash (BWP) Revenue 4000 3500 Expenses Rent 1000 1000 Wages 1000 1000 Utilities 500 0 Equipment 1000 0 Supplies 800 800 Total Expenses 4300 2800 Net Profit or (Loss) (300) 700