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  • Income Statemnt Format

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    Teo Yu Xuan
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    This income statement summarizes the financial performance of a company for the year ended December 31, 2020. It shows net sales, cost of goods sold, gross profit, other income, operating expenses, and net profit for the period. Net sales were reduced by returns inwards to calculate net sales. Cost of goods sold included opening inventory, purchases net of returns, custom duties, and carriage costs. Operating expenses included rental, insurance, utilities, and other administrative expenses.

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    This income statement summarizes the financial performance of a company for the year ended December 31, 2020. It shows net sales, cost of goods sold, gross profit, other income, operating expenses, and net profit for the period. Net sales were reduced by returns inwards to calculate net sales. Cost of goods sold included opening inventory, purchases net of returns, custom duties, and carriage costs. Operating expenses included rental, insurance, utilities, and other administrative expenses.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    28 views1 page

    Income Statemnt Format

    Uploaded by

    Teo Yu Xuan
    This income statement summarizes the financial performance of a company for the year ended December 31, 2020. It shows net sales, cost of goods sold, gross profit, other income, operating expenses, and net profit for the period. Net sales were reduced by returns inwards to calculate net sales. Cost of goods sold included opening inventory, purchases net of returns, custom duties, and carriage costs. Operating expenses included rental, insurance, utilities, and other administrative expenses.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 1

    Name

    Income Statement 
    For The Year Ended 31 December 2020

    RM RM RM

    Sales xx

    Less Returns Inwards / Sales Returns (xx)

    Net Sales xx

    Less : Cost Of Sales

    Opening Inventory xx

    Purchases xx

    Less: Returns Outwards/Purchases Returns (xx)

    Net Purchases xx

    Custom Duties xx

    Carriage Inwards/Carriage On Purchases xx

    Wages xx

    Cost Of Purchases xx

    Cost of Goods Available for Sales xx

    Less : Closing Inventory (xx) (xx)

    Gross Profit xx

    Add : Other Income

    Discounts Received xx

    Rental Income xxx

    Interest Income x

    Commission Income x

    Derease In Allowance For doubtful debts x xx

    xx

    Less : Operating Expenses

    Rental x

    Insurance x

    Water and Electricity xx

    Sundry Expenses / General Expenses xx

    Advertising xx

    Repair and Maintenance xx

    Postage and Stationery xx

    Travelling Expenses xx (xx)_

    Net Profit xx

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