How to figure out profit from this please?

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Hello, myself and a partner started a business on ebay some months ago and we are having a hard time figuring out what our profits are. we just purchased Quickbooks to help with this in the future but we wish to settle these past transactions first then start fresh with the QB software.
Here's the details:

Total Net Sales received from Paypal to date= 5343.56
Total payments made from Paypal account for Merchandise= 3608.71
Total paid in shipping costs taken directly from credit card= 949.27
Total withdrawals transferred from Paypal account to the Business Bank account=3286.20
Total remaining in paypal account= 1,000
From the profits, we still have to share the business expenses but can anyone tell us what our profit is without that please? Any help will be appreciated, thanks.
 

kirby

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Need more info on the $3,608.71 - Seems you bought merchandise but what we don't know is if ALL the merchandise that was purchased has already been sold OR if some is still on hand unsold - (which is then your "inventory.")
So assuming that EVERYTHING purchased for $3,608.71 was sold then your profit is
Sales $5,343.56
less cost of goods sold $$3,608.71
less shipping costs $949.27
Equals Net Profit of $785.58.

But if any part of the $3,608.71 is unsold then it is Inventory and you reduce the cost of goods sold by that number - so your profit is higher!
and yeah you better find a friend who knows accounting who can help you on this stuff.
 
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Need more info on the $3,608.71 - Seems you bought merchandise but what we don't know is if ALL the merchandise that was purchased has already been sold OR if some is still on hand unsold - (which is then your "inventory.")
So assuming that EVERYTHING purchased for $3,608.71 was sold then your profit is
Sales $5,343.56
less cost of goods sold $$3,608.71
less shipping costs $949.27
Equals Net Profit of $785.58.

But if any part of the $3,608.71 is unsold then it is Inventory and you reduce the cost of goods sold by that number - so your profit is higher!
and yeah you better find a friend who knows accounting who can help you on this stuff.
Well, that's the reason why we invested in the Quickbooks software. I would have taken this up with our accountant but getting to meet with that guy is very frustrating and takes forever which is why I am asking here. Thank you very much!
 
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kirby

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Only an accountant who has access to your records can figure that out. It is not difficult. So i would advise to dump your absentee accountant and get somebody else.
 
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He is my partner's accountant and my partner who finally has had enough said he will tell him next time they talk that if he cannot be more responsive in the future then we will get someone else.
 

kirby

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Sounds like your partner's "more responsive in the future" just translates to "we're still not going to get an answer today". Bad way to run a business. DUMP the absentee accountant TODAY even if he/she is working for free. Your business is not complex and even a second year accounting student could answer your question if given access to the records.
 

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