Question

Determine the effect on the balance sheet after the following transaction. You sell a product purchased for $500 for $1500. This means

Answer 1

You gained $1000 dollars from over pricing an item. Therefore you made profit which the sum was $1000.

Answer 2

You have made a profit of 300% (500=100% therefore 500*3=1500 =300%)
You have also made £1000 profit