Entrepreneurship and Small Business Management (MNE3701)
Exam (elaborations)
MNE3701 Assignment 2: Detailed Solutions for Semester 2, 2024 - Due 12 September 2024
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Course
Entrepreneurship and Small Business Management (MNE3701)
Institution
University Of South Africa
Book
Essentials of Entrepreneurship and Small Business Management , Global Edition
MNE3701 Assignment 2 (COMPLETE QUESTIONS & ANSWERS) Semester 2 2024 - DUE 12 September 2024 ;100 % TRUSTED workings, Expert Solved, Explanations and Solutions. For assistance call or W.h.a.t.s.a.p.p us on ...(.+.2.5.4.7.7.9.5.4.0.1.3.2)...........
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MNE3701 Assignment 3 Semester 2 due 27 September 2024
MNE3701 Assignment 2 Semester 1 2024
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MNE3701
ASSIGNMENT 2 SEMESTER 2 2024
UNIQUE NO.
DUE DATE: 12 SEPTEMBER 2024
, MNE3701
Assignment 2 Semester 2 2024
Unique Number:
Due Date: 12 September 2024
Entrepreneurship and Small Business Management
Question 1
1. Income Statement (Profit and Loss Statement)
The Income Statement summarizes your business's revenue, costs, and expenses
over a specific period, showing whether the business has made a profit or loss.
Steps:
1. Revenue (Sales): Record all income generated from sales of goods or services.
Example: If your small bakery sold 1,000 loaves of bread at $2 each in a
month, your total sales revenue would be $2,000.
2. Cost of Goods Sold (COGS): These are the direct costs associated with
producing the goods or services sold.
Example: If it costs $1 to produce each loaf of bread (including ingredients
and labor), COGS would be $1,000 (1,000 loaves x $1).
4. Operating Expenses: Record expenses such as rent, utilities, marketing, and
salaries.
, Example: Monthly rent is $300, utilities $100, and marketing $50. Total
operating expenses = $450.
5. Operating Profit (EBIT): Subtract operating expenses from gross profit.
Example: Operating Profit = $1,000 - $450 = $550.
6. Interest and Taxes: Deduct interest on loans and taxes (if applicable).
Example: Interest on a business loan is $50, and taxes are $100. Total
deductions = $150.
7. Net Profit: This is the final profit after all expenses, interest, and taxes have
been deducted.
Example: Net Profit = $550 - $150 = $400.
Practical Example of Income Statement:
Income Statement
Revenue $2,000
Cost of Goods Sold (COGS) $1,000
Gross Profit $1,000
Operating Expenses
Rent $300
Utilities $100
Marketing $50
Total Operating Expenses $450
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