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  • In Come Statement

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    Naomi Huggins
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    One Stop Mini Mart's income statement for November 2012 shows net sales of $31,700 with cost of goods sold of $11,700 resulting in a gross profit of $20,000. Total expenses for the period were $5,970 including insurance, rent, motor expenses, wages, depreciation, and discounts allowed, leaving a net profit of $14,047.50.

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    Income Statement showing gross and net profit

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    One Stop Mini Mart's income statement for November 2012 shows net sales of $31,700 with cost of goods sold of $11,700 resulting in a gross profit of $20,000. Total expenses for the period were $5,970 including insurance, rent, motor expenses, wages, depreciation, and discounts allowed, leaving a net profit of $14,047.50.

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    16 views1 page

    In Come Statement

    Uploaded by

    Naomi Huggins
    One Stop Mini Mart's income statement for November 2012 shows net sales of $31,700 with cost of goods sold of $11,700 resulting in a gross profit of $20,000. Total expenses for the period were $5,970 including insurance, rent, motor expenses, wages, depreciation, and discounts allowed, leaving a net profit of $14,047.50.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
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    INCOME STATEMENT

    ONE STOP MINI MART INCOME STATEMENT FOR THE MONTH ENDED NOVEMBER 30 2012
    Sales Less: Returns Inward Net Sales Less: Cost of Goods Sold Opening Stock Purchases Add: Carriage Inwards Less: Returns Outward Net Purchases Cost of Goods Available for Sale Less: Closing Stock Cost of Goods Sold Gross Profit Add: Discount Received Less: Expenses Insurance (300+50) Rent and Rates (1000-200) Motor Expenses Wages Depreciation: Motor van (15000/100 10/1) Discount Allowed Total Expenses Net Profit 31 900 <200> 31 700 40 000 4 200 <0> 4 200 <500>

    + 3 700 43 700 <32 000> <11 700> 20 000 17.50 20 017.50 350 800 300 3 000 1 500 20 <5 970> 14 047.50

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