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statement of profit or loss
can anybody explain to me how the statement was prepared,i am doing accounting for the first time
Construct a skeletal profit-and-loss statement. Calculate profit or loss. Cross out the incorrect work (profit/loss). Gross...
Construct a skeletal profit-and-loss statement. Calculate profit or loss. Cross out the incorrect work (profit/loss). Gross Margin $119,760 Expenses 41.20% Profit 2.60%
Below are extracts from the statement of profit & loss and statement of financial position of...
Below are extracts from the statement of profit & loss and statement of financial position of a company. Operating profit BWP 70,000 Income from investments 2,000 Finance costs (9,000) Profit before tax 63,000 Tax Charge (22,000) Profit after tax 41,000 Other comprehensive income Revaluation gain 30,000 Total comprehensive income 71,000 Closing Balance (BWP) Opening Balance (BWP) Current assets Inventory 27,000 23,000 Receivables 18,000 25,000 Current liabilities TAdditional Information: i. Depreciation charge for the year was P40,000. ii. P700,000 were the...
The following is the Statement of Profit or Loss and the Statements of Financial Position for...
The following is the Statement of Profit or Loss and the Statements of Financial Position for Nachos Bhd (NB) for the year 2019: Nachos Bhd Statement of Profit or Loss For the year ended 30 September 2019 RM RM Sales 220,000 Cost of sales (98,000) Gross profits 122,000 Selling and distribution costs 25,000 Administrative costs 15,000 Depreciation 2,000 Profit on sale of plant (2,000) (40,000) 82,000 Interest expense (6,000) Investment income 1,000 Gain on sale of investment 2,000 Profit before...
(a) Statement of profit or loss and other comprehensive income (b) statement of financial position
Prepare, the following financial statements for ABC LimitedStatement of profit or loss and other comprehensive income for the year ended 31 octoberStatement of financial position as aat 31 October 2022
In principle, all income and expenses are included in the statement of profit or loss. A....
In principle, all income and expenses are included in the statement of profit or loss. A. True B. False
Create a Profit and Loss Statement (Income Statement) following the income statement format, using the items...
Create a Profit and Loss Statement (Income Statement) following the income statement format, using the items given below. Cost of goods sold 75,000 Sales 100,000 Commissions expense 5,000 Advertising expense 2,000 Interest expense 500 Interest Revenues 5,000 Office Supplies expense 3,500 Gain on sale of assets 3,000 Office equipment expense 2,500 Loss from lawsuit 1,500 I appreciate your assistance in showing me how this is done. I will definitely give you a good rating if you help me out. Thanks in advance
The income statement, also known as the profit and loss statement, helps calculate the firm's net...
The income statement, also known as the profit and loss statement, helps calculate the firm's net income that is available to shareholders. The incorne statement is usually prepared using the International Financial Reporting Standards (IFRS), which match revenues and expenses to the period in which they were incurred, not necessarily when cash was received or paid The following is the income statement of Water and Power Co. in its first year of operation: Water and Power Co. Income Statement For...
The income statement, also known as the profit and loss (P&L) statement, provides a snapshot of...
The income statement, also known as the profit and loss (P&L) statement, provides a snapshot of the financial perforrmance of a company during a specified period of time. It reports a firm's gross income, expenses, net income, and the income that is available for distribution to its preferred and common shareholders. The income statement is prepared using the generally accepted accounting principles (GAAP) that match the firm's revenues and expenses to the period in which they were incurred, not necessarily...
The income statement, also known as the profit and loss (P&L) statement, provides a snapshot of...
The income statement, also known as the profit and loss (P&L) statement, provides a snapshot of the financial performance of a company during a specified period of time. It reports a firm's gross income, expenses, net income, and the income that is available for distribution to its preferred and common shareholders. The income statem ent is prepared using the generally accepted accounting principles (GAAP) that match the firm's revenues and expenses to the period in which they were incurred, not...
The income statement, also known as the profit and loss statement, helps calculate the firm's net income that is available to shareholders. The incorne statement is usually prepared using the International Financial Reporting Standards (IFRS), which match revenues and expenses to the period in which they were incurred, not necessarily when cash was received or paid The following is the income statement of Water and Power Co. in its first year of operation: Water and Power Co. Income Statement For...
The income statement, also known as the profit and loss (P&L) statement, provides a snapshot of the financial perforrmance of a company during a specified period of time. It reports a firm's gross income, expenses, net income, and the income that is available for distribution to its preferred and common shareholders. The income statement is prepared using the generally accepted accounting principles (GAAP) that match the firm's revenues and expenses to the period in which they were incurred, not necessarily...
The income statement, also known as the profit and loss (P&L) statement, provides a snapshot of the financial performance of a company during a specified period of time. It reports a firm's gross income, expenses, net income, and the income that is available for distribution to its preferred and common shareholders. The income statem ent is prepared using the generally accepted accounting principles (GAAP) that match the firm's revenues and expenses to the period in which they were incurred, not...
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