Income Statement

Cards (10)

What is the title for an income statemen?
Income statement for x for the period ending x
What is the formula of an income statement?
Revenue
Less: Sales returns
Less: Cost of sales
Opening inventory
+Purchases
+Carriage Inwards
-Own consumption
-Closing inventory
=Gross profit
+Discounts received
Other Income
Irrecoverable debts recovered
Profit on asset sale
Decrease in provision for D.D
Less: Expenses
Discounts allowed
Wages and salaries
Electricity
Rent and rates
Sundry expenses
Loss on asset sale
Depreciation
Irrecoverable debts
Increase in provision for D.D
Profit for the year
Where does opening inventory go in an income statement?
Under cost of sales
Where do discounts received go in an income statement?
Under gross profit
Where do irrecoverable debts recovered go in an income statement?
Under gross profit
Where does profit on asset sale go in an income statement?
Under gross profit
Where does loss on asset sale go in an income statement?
Under expenses
Where do irrecoverable debts go in an income statement?
Under expenses
Where does an increase in provision for doubtful debts go in an income statement?
under expenses
Where does a decrease in provision for doubtful debts go in an income statement?
Under gross profit