Income statement

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1. Advising how amount charged for loan and bank interest could be reduced

  • Arrange loan instead of over draft; incerase sales; reduce drawings; new loan or O/D at lower rate
  • Increases cost of sales; decreases gross & net profit:reduces assets in balance sheet
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2. Totals:

  • Gross profit after Sales and Cost of sales & Net profit at the end
  • Gross profit; Total sales: Net profit

3. Third heading

  • Salaries; Van expenses; Van insurance (1200 x 3/6)
  • Salaries; Van expenses + Van insurance (1200 x 3/6)
  • Salaries; Rent and rates + Van insurance (1200 x 3/6)

4. Number of columns along top axis

  • 1 - £
  • 4 - £ £ £ £
  • 3 - £ £ £
  • 2 - £ £

5. First heading with figure

  • Cost of sales
  • Profit for the year
  • Sales
  • Purchases

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