Income statement

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  • Created by: josief95
  • Created on: 13-12-15 13:02

1. [Final Subheading] Depreciation expense:

  • (percentage x price)
  • Equipment (percentage x price); Vans (percentage x price);Loan & Bank interest (percentage x price)
  • Equipment & Vans (percentage x price); Loan & Bank interest (percentage x price)
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2. Final result:

  • Gross Profit
  • Net profit
  • Total Income
  • Total sales

3. Bad debts included

  • Yes after accruals
  • No
  • Yes after Less Cost of sales
  • Yes after Depreciation expense

4. First heading with figure

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

5. 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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