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    Just Coins Ltd's income statement for the year ending 2023 shows: Sales of $400,000. Total expenses of $136,000 including $30,000 for advertising, $80,000 for wages, $20,000 for insurance, $500 for electricity, $2,500 for accountants fees, and $2,000 for loan insurance. COGS of $34,000 calculated as opening stock of $35,000 plus purchases of $14,000 minus closing stock of $15,000. Net profit of $230,000 calculated as gross profit of $366,000 (sales minus COGS) minus total expenses.

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    Just Coins Ltd's income statement for the year ending 2023 shows: Sales of $400,000. Total expenses of $136,000 including $30,000 for advertising, $80,000 for wages, $20,000 for insurance, $500 for electricity, $2,500 for accountants fees, and $2,000 for loan insurance. COGS of $34,000 calculated as opening stock of $35,000 plus purchases of $14,000 minus closing stock of $15,000. Net profit of $230,000 calculated as gross profit of $366,000 (sales minus COGS) minus total expenses.

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    Income Statement Assessment

    Uploaded by

    BJ
    Just Coins Ltd's income statement for the year ending 2023 shows: Sales of $400,000. Total expenses of $136,000 including $30,000 for advertising, $80,000 for wages, $20,000 for insurance, $500 for electricity, $2,500 for accountants fees, and $2,000 for loan insurance. COGS of $34,000 calculated as opening stock of $35,000 plus purchases of $14,000 minus closing stock of $15,000. Net profit of $230,000 calculated as gross profit of $366,000 (sales minus COGS) minus total expenses.

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    Download as DOCX, PDF, TXT or read online from Scribd
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    Income Statements – Assessment

    Name: ___________________________
    Complete an income statement for Just Coins Ltd. For the year ending
    2023
    NOTE:
    COGS equation is opening stock + purchases – closing stock
    Gross = sales – COGS
    Net profit = Revenue (Gross profit) – expenses

    $
    Sales 400 000
    Advertising 30 000
    Wages 80 000
    Income received 15 000
    Insurance 20 000 $
    Sales Electricity 500
    Purchase of stock 14 000
    Other income Opening stock 35 000
    10 000
    Accountants fees 2 500
    Loan insurance 4 000
    Closing stock Closing stock 15 000
    COGS
    Gross Profit

    Expenses
    Selling

    Administrative

    Financial

    Loan insurance 2 000


    Total Expenses
    Net Profit

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