Chapter 5, Problem 14DQ

To determine

Concept Introduction

Income Statement: The Income statement is a financial statement that shows the net income or loss for a particular period. It is a summary of expenses and income of a particular period.

Cost of goods sold: The cost of goods sold is the total cost directly attributable to a product sold or a service provided. These include direct materials, direct labour, and direct overhead costs.

Gross Profit: Gross profit is net sales minus cost of sale or the cost of goods sold.

1.

To find: Whether the gross profit is reported by Samsung company or not and if yes the amount of gross profit in the income statement.