Design institute profits

2009-02-21View Original

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How are the profits of design institutes determined? For example, if a design firm enters into a contract worth 10,000 for a period of one year, with the execution of the contract spanning across years, and 6,000 was received in advance payments and as payments related to project progress during the previous year; however, since the client requested that a single invoice totaling 10,000 be issued, no invoice was issued and the amount was recorded as advance receipts. During that year, 5,000 was spent on employees’ salaries, bonuses, and various other expenses. Can it be considered that the profit for that year was 1,000? This post was last edited by XZ777 on 2009-2-21 14:49]

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Design institute profits

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