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sophiaaaa
income statements
sophiaaaa VCE Accounting2

Could anyone help explain to me how write an income statement I can't get them right at all


2 Comments
Smilingoverlord2001
it is sales less the cost of goods sold equals your revenue and than less your expenes like wages, rent,
sebastianvettel2
First step sales (cash and credit) minus sales returns second step less cost of goods sold (that is the cost of sale, and any other expense related to inventory so inventory write-down or freight in(but not including freight out) ) this gets you your gross profit third step add any other revenues like interest revenue, rent revenue this gets you your adjusted gross profit last step, minus any other expenses not related so wages, interest expense this gets you your net profit and you are done
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