OT - $4/gal Gas Threshold Crossed - Dam Breaking

I miss my 62 Vette AND those gas prices..

mac

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Reply to
mac davis
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Back when I was a little younger, my old man flipped when he got five gallons (US) and the attendant asked for $1.05. The week before, five gallons had been a buck, and you still got the same service--oil check, belt check, windshield and rear window washed. We're in one of the cheapest areas in the U.S., and this morning, I paid $3.78.9, down

11 cents since the driving holiday. It's astonishing how that happens. There's some excuse for a run-up before EVERY major driving holiday in this country. Of course, it goes up a quarter and comes down a dime, but, hey, that's bidness fer you. Someone has to get screwed, while being told he's what's wrong with the world. AKA, Joe Consumer.
Reply to
Charlie Self

The power of the purse is still supreme.

Lew

Reply to
Lew Hodgett

They run THOSE on Vintage Weekend in September!

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Reply to
B A R R Y

Goats!

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Reply to
B A R R Y

The government subsidizes gasoline in Saudi. Without that, it would be the same as anywhere else. -- Doug

Reply to
Douglas Johnson

Good idea Lew. Can't wait to see the look on the faces of the board members of the Homeowners Assocication when I tether that goat in my front yard. That'll give em something to fret about.

Frank

Reply to
Frank Boettcher

Sold my '73 Chevy Monte Carlo with the 454 for the same reason. 10/14 was the best it would do if babied. Sure did like that car though.

Frank

Reply to
Frank Boettcher

The situation is similar in Venezuela, where gas is subsidized heavily. Ostensibly it's to help out the poorer people, but most of them don't own a vehicle and it's mostly the middle and upper classes that benefit.

Chris

Reply to
Chris Friesen

And here all this time I thought "profit" was what was left after expenses were deducted.

Reply to
Nova

Not quite. *Everybody* with a TV in the UK has to pay the 'TV Licence' for £130ish ($250) a year, even if they never watch the BBC. That's what pays for the BBC...

Reply to
PCPaul

Sorry Jack, ;~)

The profit you are talking about is "Net" Profit. I should have clarified that I was talking "Gross" Profit on each vehicle. Typically the higher the GP margin the more you have to pay the wages and benefits. After all those expenses and operating costs are deducted you end up with the Net profit.

Reply to
Leon

"Gross profit is profit before Selling, General and Administrative costs (SG&A), like depreciation and interest; it is the Sales less direct Cost of Goods (or services) Sold (COGS),

Net profit after tax is after the deduction of either corporate tax (for a company) or income tax (for an individual)."

Source:

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fall into the COGS category.

Reply to
Nova

No, I'm sorry to say, Gross profit is profit of the pieces sold less the cost of the good. If you sell a part for $5 and your cost of the part is $4 your Gross Profit is $1. Untill you sell you have no profit. You may have an increased value in inventory but that is added in later to increase the Net Profit.

In accounting, Gross profit or sales profit or gross operating profit is the difference between revenue and the cost of making a product or providing a service, before deducting overheads, payroll, taxation, and interest payments.

Net sales are calculated:

Net sales = Sales - Sales returns and allowances Gross profit is found by deducting the cost of goods sold:

Gross profit = Net sales - Cost of goods sold Gross profit should not be confused with net income:

Net income = Gross profit - Total operating expenses

In business and finance accounting, net profit is equal to the gross profit minus overheads minus interest payable plus/minus one off items for a given time period (usualy: accounting period).

Reply to
Leon

I didn't know that...

I'm always impressed by the production value of the "Top Gear" film segments. Now I know where the budget comes from.

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Reply to
B A R R Y

I think you're confusing gross receipts with gross profits.

From the IRS web site:

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"7. Figuring Gross Profit

Table of Contents

  • Introduction * Items To Check * Testing Gross Profit Accuracy o Example. * Additions to Gross Profit

Introduction

After you have figured the gross receipts from your business (chapter 5) and the cost of goods sold (chapter 6), you are ready to figure your gross profit. You must determine gross profit before you can deduct any business expenses. These expenses are discussed in chapter 8.

If you are filing Schedule C-EZ, your gross profit is your gross receipts plus certain other amounts, explained later under Additions to Gross Profit.

Businesses that sell products. If you are filing Schedule C, figure your gross profit by first figuring your net receipts. Figure net receipts on Schedule C by subtracting any returns and allowances (line

2) from gross receipts (line 1). Returns and allowances include cash or credit refunds you make to customers, rebates, and other allowances off the actual sales price.

Next, subtract the cost of goods sold (line 4) from net receipts (line

3). The result is the gross profit from your business."

Note the cost of good sold is subtracted from the net receipts to determine the gross profit.

And

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"Figuring Cost of Goods Sold on Schedule C Lines 35 Through 42

Figure your cost of goods sold by filling out lines 35 through 42 of Schedule C. These lines are reproduced below and are explained in the discussion that follows.

35 Inventory at beginning of year. If different from last year's closing inventory, attach explanation 36 Purchases less cost of items withdrawn for personal use 37 Cost of labor. Do not include any amounts paid to yourself 38 Materials and supplies 39 Other costs 40 Add lines 35 through 39 41 Inventory at end of year 42 Cost of goods sold. Subtract line 41 from line 40. Enter the result here and on page 1, line 4"

Note line #37

Reply to
Nova

No, I'm not confused.

As far as you comments below, I have been filing quarterly tax returns and filing Schedule C and Schedule SE anually since 1995. I know how all that works.

Jack, with all due respect I think we both know what we are talking about, it's just that some where along the line one or both of us have left out a comment that may have deriled one or both of us. I have been dealing with running businesses since 1976.

Reply to
Leon

Yeah. Me. 8^(

Reply to
PCPaul

You got gas in that purse - supreme or even just regular?

Reply to
charlieb

Actually, it's an old sow's ear.

Lew

Reply to
Lew Hodgett

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