Q1. Prepare Income statement in order to get gross profit and net profit/loss.Note: Use only your own words (NO COPY AND PASTE). SalesExpenses OtherОpeninginventoryEndPurchaseIncomeinventors goodsy20,00018000500450015003000

This question required making an income statement. Where starting with sales than the deduction of…

Answered: Sales Opening inventory Expenses Other…

Business

Accounting

Sales Opening inventory Expenses Other End Purchase Income inventor s goods y 1500 20,000 | 18000 500 4500 3000

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. Prepare Income statement in order to get gross profit and net profit/loss. Note: Use only your own words (NO COPY AND PASTE).

Sales
Expenses Other
Оpening
inventory
End
Purchase
Income
inventor
s goods
y
20,000
18000
500
4500
1500
3000

Definition Definition Amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item

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