To find Mr. Nkosi's profit for each month, we need to use the formula provided in the image:
Profit = Income - Expenses
We will calculate the total income and total expenses for January and February separately, then subtract the expenses from the income.
Step 1: Calculate Profit for January
1. Find Total Income for January:
* Sales of baked goods: R56 543
* Local restaurant order: R22 333
* Wedding cake sales (R1000 per cake × 8 cakes): R8 000
*
Total Income = R56 543 + R22 333 + R8 000 =
R86 876
2. Find Total Expenses for January:
* Electricity and water bill: R1205
* Delivery fees: R500
* Staff salaries: R20 000
* Insurance cost: R3500
*
Total Expenses = R1205 + R500 + R20 000 + R3500 =
R25 205
3. Calculate January Profit:
* Profit = R86 876 (Income) - R25 205 (Expenses)
*
January Profit = R61 671
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Step 2: Calculate Profit for February
1. Find Total Income for February:
* Sales of baked goods: R58 972
* Rolls sold to restaurant (R30 per roll × 320 rolls): R9 600
* Birthday cake sales (R1500 per cake × 2 cakes): R3 000
*
Total Income = R58 972 + R9 600 + R3 000 =
R71 572
2. Find Total Expenses for February:
* Electricity and water bill: R1150
* Delivery fees: R360
* Staff salaries: R20 000
* Insurance cost: R3500
* New oven element: R700
*
Total Expenses = R1150 + R360 + R20 000 + R3500 + R700 =
R25 710
3. Calculate February Profit:
* Profit = R71 572 (Income) - R25 710 (Expenses)
*
February Profit = R45 862
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Final Answer:
*
January Profit: R61 671
*
February Profit: R45 862
Parent Tip: Review the logic above to help your child master the concept of profit and loss worksheet.
