Income Statements

Topics: Revenue, Generally Accepted Accounting Principles, Expense Pages: 3 (513 words) Published: September 7, 2013
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: |...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Essay on Component of Financial Statement
  • Essay about Working with Financial Statements
  • Income Taxes Essay
  • Overview of Financial Statements Analysis Essay
  • Introduction to Financial Statement Essay
  • Tata Motors Financial Statement 2012 Essay
  • Financial Statement Analysis Essay
  • Essay about Generally Accepted Accounting Principles and Net Income

Become a StudyMode Member

Sign Up - It's Free