Q1:SalesExpenses OtherIncome20,000 18000 500Openinginventory4500EndPurchasesinventory goods15003000Prepare Income statement in order to get gross profit and netprofit/loss.

The statement where in the expenses and revenues of the entity are recorded is the income…

Answered: Q1: Sales Expenses Other Opening…

Q1: Sales Expenses Other Opening inventory 4500 End Purchases inventory goods 1500 Income 20,000 18000 500 3000 Prepare Income statement in order to get gross profit and net profit/loss.

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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Question

Q1:
Sales
Expenses Other
Income
20,000 18000 500
Opening
inventory
4500
End
Purchases
inventory goods
1500
3000
Prepare Income statement in order to get gross profit and net
profit/loss.

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