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From the following particulars of AVS LLC., for the year 2002 and 2003, you are required to prepare a comparative Income Statement :

From the following particulars of AVS LLC., for the year 2002 and 2003, you are required to prepare a comparative Income Statement :

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Illustration: 3 From the following particulars of AVS LLC., for the year 2002 and 2003, you are required to prepare a comparative Income Statement : Statement of Profit and Loss Account Particulars 2002 2003 RO. RO. Net Sales 4,000 5,000 Less : Cost of Goods Sold 3,000 3,750 Gross Profit 1,000 1,000 Less : Operating Expenses : Office & Administrative Expenses 200 250 Selling & Distribution Expenses 225 300 Total Operating Expenses 425 550 Net Profit 575 700 Solution:
Transcribed Image Text:Illustration: 3 From the following particulars of AVS LLC., for the year 2002 and 2003, you are required to prepare a comparative Income Statement : Statement of Profit and Loss Account Particulars 2002 2003 RO. RO. Net Sales 4,000 5,000 Less : Cost of Goods Sold 3,000 3,750 Gross Profit 1,000 1,000 Less : Operating Expenses : Office & Administrative Expenses 200 250 Selling & Distribution Expenses 225 300 Total Operating Expenses 425 550 Net Profit 575 700 Solution:
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