FUNDAMENTAL ACCOUNTING PRINCIPLES
24th Edition
ISBN: 9781260811704
Author: Wild
Publisher: MCG
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Chapter 1, Problem 22E
Exercise 1-22 Preparing an income statement for a company P2
BMW Group, one of Europe's largest manufacturers, reports the following income statement accounts for the year ended December 31 (euros in millions). Use this information to prepare BMW s income statement for the year ended Dec ember 31.
Revenues,................. £75,350
Selling and administrative costs.........£5,139
Cost of sales..........60,945
Other expenses...4,988
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Gross profit of a firm for an accounting year is calculated by using __________ formula while preparing income statement.
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b.
Net sales – Sales return
c.
Net sales – Cost of goods sold
d.
Net sales – Expenses
Required information
For Year Ended December 31
Sales
Cost of goods sold
Other operating expenses
Current Year
$ 411, 225
209,550
12, 100
9,525
$ 673,500
642, 400
$31,100
$ 1.90
:. -. - == .......
9 US
Sa
M
Finance MCQ
Chapter 1 Solutions
FUNDAMENTAL ACCOUNTING PRINCIPLES
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