Understanding Your Part in Profit and Loss (PM235E01) – I-CAR Canada

This course examines the main sections of a profit and loss statement. The importance of dividing each of the main sections into accounts and sub-accounts to detail your business will be provided. Sales and income, cost of goods sold (COGS), and overhead expenses will be discussed in detail to understand the relationships between them. Students will learn how to perform gross profits and net profits calculations.
After completing this course, students will be able to perform gross profits and net profits calculations, determine how to use a P&L statement to monitor labor gross profits, understand how to monitor parts gross profits and discuss ways of positively impacting sublet gross profits.