I need help on this question. Thanks in advance!
my calculation is like this: Percentage difference: 31-27=4
4% = £50,000 100% = £1.25mil
Need to find total revenue: Profit = Revenue - Cost Not too sure about this part.
I need help on this question. Thanks in advance!
my calculation is like this: Percentage difference: 31-27=4
4% = £50,000 100% = £1.25mil
Need to find total revenue: Profit = Revenue - Cost Not too sure about this part.
Given
(1) $revenue*0.27 = profit$
(2) $revenue*0.31 = salaries$
(3) $profit + 50000 = salaries$ (since salaries has higher allocated %)
You can substitute the left side of (3) for $salaries$ in (2), then solve for $profit$:
$revenue*0.31 = profit + 50000$
$profit = revenue*0.31 - 50000$
Now, set this and (1) equal to each other and solve for $revenue$
WolframAlpha says revenue is about 1,250,000
Ahh, homework ;)
So what was the percentage difference between profit and salaries that year?