Income Statement

Question 1

Income statement layout

Answer 1

REVENUE
Cash sales: CRJ
Credit sales: SJ

LESS COST OF GOODS SOLD
Cost of sales: Additional info
Freight in/Cartage in/Delivery in: CP
Modifications: CP
Customs Duty: CP

Gross profit or loss
Less.              Add
Stock loss or stock gain: Additional info
Adjusted gross profit
Add other revenues from CRJ

LESS OTHER EXPENSES FROM CPJ
Freight out/cartage out/delivery out

NET PROFIT OR LOSS