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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