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Salon Operating Expenses Where does your money go?
Revenue Hair Cut (styles) Services Nails Tanning Beds Retail Sales (Product) Colors Permanent Waves Hair Extensions
Expenses Salaries Rent Supplies Advertising Depreciation Laundry Cleaning Utilities Repairs Insurance Telephone Miscellaneous
Expenses: percent of gross Salaries53.5% Rent10% Supplies 5% Advertising 3% Depreciation 3% Laundry 1% Cleaning 1% Utilities 1% Repairs 1.5% Insurance 0.75% Telephone 0.75% Miscellaneous 1.5%
Review: percent of a number What is 53% of $163,000? Change the percent to a decimal 53% = 0.53 Multiply 0.53 x $163,000 = $86,390
Wages 45-55% Wages of people in your Salon Example: Gross income in the Salon is $479,000. How much should you budget for wages? 45% of $479,000.45 x $479,000 = $215,550 for salaries
Why Businesses Use Markup?
Why Businesses Use Markup? Why the markup? ◦ Cover businesses operating expenses ◦ Cover Business Taxes ◦ Make a profit.
ACCOUNTING Income Statement. income statement - a financial statement that shows a business’s profit (or loss) over a stated fiscal year. Required for.
The Income Statement. Revenues Money or promise of money received from the sale of goods and services Money or promise of money received from the sale.
Posting to a General Ledger Chapter 6. Relationship of a T Chart T Left side Debit Right Side Credit These columns are equal.
INCOME STATEMENT Also known as the P & L statement is the only financial statement that enables a business to look at its PROFIT over a period of time.
Financial Statements Business Plan.
Selling. Markup Based on Cost Cost The amount paid by a business to the manufacturer or supplier after trade discounts and other discounts have been.
BOWL. EAT. DRINK. DANCE. PROMOTION Awareness Campaign Affiliation with University Clubs Bowling Leagues Host Beer nights Host local DJs Social Media.
© Copyright 2012 Milady, a part of Cengage Learning. All Rights Reserved. Chapter 3 Salon and Spa Operating Costs.
Setting the Right Price. “Underpricing is one of the most common mistakes home-based businesses make.” SLIDE 1 Setting the Right Price.
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Layout of the Accounting Work Sheet Unadjusted Adjustments Adjusted Income Balance Account Title Trial Balance Trial Balance Statement Sheet Dr Cr Dr Cr.
C. Financing a Small Business 4.00 Explain the fundamentals of financing a small business Identify the start-up costs associated with owning and.
Setting the Right Price. Lesson Goals: Learn how to: –Calculate total costs –Calculate a profit margin –Use break-even analysis Identify the difference.
4.03 Solve Related Mathematical Problems. Opening Cash Fund The opening cash drawer contains the coins and currency for the days business The till is.
Production, Marketing and Administrative costs Manufacturing companies convert materials into finished goods. There are two type of costs involved here:
Construction Accounting & Financial Management, 3/e Steven Peterson © 2013 by Pearson Higher Education, Inc Upper Saddle River, New Jersey All Rights.
SB-Lesson 12.1: Markup and Discount Terminology Selling Price - The price retailers charge customers Cost - The price retailers pay to a manufacturer.
Abel Electric Repair Income Statement, CH1, AP2 Jeff Tsui Wilson Chien Annie Huang Sun Yangiu.
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