### Best Private Bank for Innovation

Bank Sarasin - It has been named “Best Private Bank for Innovation” and “Best Private Bank for Portfolio Management” by The Banker and Professional Wealth Management magazines, which are published by the Financial Times Group. in addition, Bank Sarasin & Co. Ltd was named "Outstanding Private Bank – Europe" by the leading journal for the global wealth industry "Private Banker International".

Banque SYZ & CO - The Swiss banking group SYZ & CO was named the "Best Private Bank for Innovation" in the 2011 Global Private Banking Awards, organized by PWM (Professional Wealth Management) and The Banker.

Northern Trust - It is a leading provider of financial services for affluent individuals and institutions. Northern Trust has been named Best Private Bank in North America and Best Private Bank for Innovation by Professional Wealth Management and The Banker magazines. Winners were selected following examination of quantitative and qualitative aspects of the private banking/wealth management business.

### Gross Profit Calculation

Gross Profit is calculated by subtracting cost of sales from net sales. It can be calculated using the following formula:
Gross profit = Net sales - Cost of goods sold
Net sales (or Net turnover) = Total sales – Sales returns and allowances
Cost of goods sold = Opening stock + Net Purchases - Closing stock

Example 1:
Calculate the gross profit, given the following information:
Sales \$78,000
Sales returns \$6,000
Opening stock \$50,000
Purchases \$20,000
Purchases returns \$5,000
Closing stock \$30,000

Solution:
Net sales = 78,000 - 6,000 = \$72,000
Net Purchases = 20,000 - 5,000 = \$15,000
Cost of goods sold = 50,000 + 15,000 - 30,000 = \$35,000
Gross profit = Net sales - Cost of goods sold = 72,000 - 35,000 = \$37,000

Example 2:
CTU Ltd has the following data:
Sales \$60,000
Sales returns \$20,000
Cost of sales \$45,000

Then,
Net sales = 60,000 - 20,000 = \$40,000
Gross profit / loss = Net sales - Cost of sales = 40,000 - 45,000 = -\$5,000 (loss)