King Edward VII College – New campuses

Profit and Loss Report

Staffing

Student numbers have been higher than expected. The current Academic Manager is struggling to
keep up with the work. He has requested the appointment of two additional Academic Managers
immediately.

Financial

The following profit and loss statements are provided for the first 6mths operation of each new
campus.

Profit and Loss – six months to July ‘20 - Sydney

Budget Actuals Variance (+/-)

Income: Sales $450,000 $475,000
Electricity and gas $1,500 $3,000
Internet $1,000 $1,100
Office supplies $700 $1,200
Rent $225,000 $220,000
Stationary $800 $1,300
Wages and salaries $115,000 $117,000
Superannuation expense $15,000 $16,000
Travel and $2,500 $2,700
accommodation
Water $2,000 $2,600
Work cover insurance $900 $900
TOTAL
Net profit/loss

Profit and Loss – six months to October ‘20 - Brisbane

Budget Actuals Variance (+/-)

Income: Sales $350,000 $410,000
Electricity and gas $1,200 $2,800
Internet $1,100 $1,100
Office supplies $650 $1,300
Rent $185,000 $190,000
Stationary $700 $1,250
Wages and salaries $115,000 $117,000
Superannuation expense $15,000 $16,000
Travel and $2,100 $2,300
accommodation
Water $1,900 $2,100
Work cover insurance $870 $870
TOTAL
Net profit/loss

BSBMGT517 - Profit and Loss Statement.docx Page 1

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