Income Statement Flashcards
(9 cards)
1
Q
Revenue
Less cost of sales
?
A
Gross profit
2
Q
Gross profit
various expences
?
A
Net profit
3
Q
Revenue ? Gross profit ? Net profit
A
Less cost of sales
Various expences
4
Q
? Less cost of sales ? Various expences ?
A
Revenue
Gross profit
Net profit
5
Q
How do you calculate less cost of sales
A
Inventory + purchases - ending inventory
6
Q
Inventrory+ purchases- ending inventory =
A
Less cost of sales
7
Q
How do you calculate gross profit
A
Revenue - cost of sales
8
Q
What is inckuded in less expences
A
Deprecation (of equipment ect)
Rent and rates
Bills
9
Q
What is the lay out of a basic income statment
A
Revenue Less cost of sales Gross profit Various expences Net profit
