(Profit for the year) Financial statements - the basics Flashcards
(9 cards)
What £ sign does the 1st thing on an income statement (profit for the year) go on and what is it?
2nd £ sign
Other income
What £ sign does the 2nd thing on an income statement (profit for the year) go on?
3rd £ sign
New total (NOT LABELLED)
How is the new total (NOT LABELLED) calculated?
Gross profit + other income
What £ sign does the 3rd thing on an income statement (profit for the year) go on and what is it?
2nd £ sign
Expenses
What £ sign does the 4th thing on an income statement (profit for the year) go on and what is it?
3rd £ sign
Total expenses (NOT LABELLED)
What £ sign does the 5th thing on an income statement (profit for the year) go on and what is it?
3rd £ sign
Profit for the year
How is profit for the year calculated?
New total - total expenses
What are the first items in the 5 things listed to calculate profit for the year in the income statement?
Other income
New total (NOT LABELLED)
Expenses
Total expenses (NOT LABELLED)
Profit for the year
What section does carriage outwards go in?
Expenses.
