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  • 3.4 GR 11 Income Statement Quiz

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    Ava Travo
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    The profit and loss account for Kim's Comfy Clothes for the month of June 2021 shows: 1) Sales of $63,900 with cost of goods sold of $28,810 resulting in a gross profit of $35,090. 2) Total expenses of $21,390 including wages, utilities, depreciation, insurance, and rent. 3) Net profit before interest and tax of $13,700 with interest of $2,000 leaving a net profit before tax of $11,700. 4) Tax of 20% of net profit before tax amounting to $2,340 and net profit after tax of $9,360.

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    - 3.4 Gr 11 Income Statement Quiz

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    The profit and loss account for Kim's Comfy Clothes for the month of June 2021 shows: 1) Sales of $63,900 with cost of goods sold of $28,810 resulting in a gross profit of $35,090. 2) Total expenses of $21,390 including wages, utilities, depreciation, insurance, and rent. 3) Net profit before interest and tax of $13,700 with interest of $2,000 leaving a net profit before tax of $11,700. 4) Tax of 20% of net profit before tax amounting to $2,340 and net profit after tax of $9,360.

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    © All Rights Reserved
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    34 views2 pages

    3.4 GR 11 Income Statement Quiz

    Uploaded by

    Ava Travo
    The profit and loss account for Kim's Comfy Clothes for the month of June 2021 shows: 1) Sales of $63,900 with cost of goods sold of $28,810 resulting in a gross profit of $35,090. 2) Total expenses of $21,390 including wages, utilities, depreciation, insurance, and rent. 3) Net profit before interest and tax of $13,700 with interest of $2,000 leaving a net profit before tax of $11,700. 4) Tax of 20% of net profit before tax amounting to $2,340 and net profit after tax of $9,360.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 2

    Using the following pieces of information, prepare a profit and loss account for Kim's Comfy Clothes for

    the month ended June 30, 2021

    Sales 63,900 COGAS ? Utilities 590 Interest 2000

    Opening Inventory COGS ? Depreciation 820 Total Expenses ?


    77,120

    Purchases 28,200 Gross Profit ? Insurance 400 Net Profit before I&T ?

    Closing Inventory 76,510 Wages Expense 16,420 Rent 3160 Dividends 2000

    Tax - 20% of the Net Profit before Tax Retained Earnings = ?


    Kim’s Comfy Clothes
    Profit and Loss Account
    Month Ended June 30, 2021

    $ $

    SALES 63,900

    COST OF GOODS SOLD 28810

    Opening Inventory 77120

    + Purchases 28200

    = COGAS 105320

    - Closing Inventory 76510

    COGS 28810

    Gross Profit 435760

    EXPENSES

    Wages 16 420

    Utilities 590

    Depreciation 820

    Insurance 400

    Rent 3160

    Total Expenses 21390

    Net Profit (before interest and tax) 13700

    Interest 2000

    Net Profit before tax 11700

    Tax 2340

    Net Profit after tax 9360


    Dividends 2000

    Retained Earnings 7360

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