Can someone please help me with one or two formulas on this P&L?
Basically, I've duplicated a P&L where the formulas were already inserted but not explained to me.
It's about hiring a venue for a big party.
So the formula in cell B18 is fairly self explanatory - it's the result of the number of people attending x the entry price x the number of events, which is just 1 in this case.
When it comes to B19 and B20, I'm a bit stuck (same for C19 and C20).
The formula in cell B19 needs to be B18 minus 4%, so £5000 minus 4% is £4800 so I'm not sure why in the formula it says 1.04 which has caused it to add an extra £8.
4% as a decimal is 0.04(?) but when I change it, that changes all of the numbers dramatically which definitely isn't right.
I also need to know if B20 is right as well which should be £5000 minus 4% and VAT.
I've just inserted =0.96*B18 into cell B19 which seems to have done the trick.
and I've just inserted =0.76*B18 into cell B20 which I also think has worked (76 because that's minus the 4% and 20%)
Is this correct?
Have you done any of these?