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Income Statements

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Income Statements
The Income Statement

This indicates financial performance over a period of time. It is usually done at the end of a financial year (30th June), but an income statement can be made up at other times, e.g., if a business wishes to apply for a loan, the bank may ask for a more recent income statement.

The other names for this kind of statement are Revenue Statement and Profit and Loss Statement.

Income Statement for Ima Mess, year ended 30.6.12

| |$ |$ |
|Sales | |290, 000 |
|Cost of goods sold calculation | | |
| Opening stock |10, 000 | |
| + purchases | 140, 000 | |
| = goods available for sale | 150,000 | |
|Less closing stock | – 8,000 | |
|Cost of goods sold | |142,000 |
|GROSS PROFIT | |148,000 |
| | | |
|Less other expenses:
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