Accountancy/Income Statement
The Income Statement is a financial statement that lists income, expenses, and profit for a given periods of time.
Income and Expenses can be classified into operating Income and Expenses, administration Expenses, and Financial Income and Expenses.
Detailed Income statement for xxxxx retail Ltd , for year ending on 30 June, xxxx. ---------------------------------------------------------------------------- Operating Income Sales Revenue x less sales returns x -- Net sales revenue x Less Cost of sales beginning inventory x add purchases x --- cost of goods available for sale x less ending inventory x Cost of Sales x --- Gross Profit x add Other operating Income x Discount received x --- x Less expenses Operating Expense Sales staff salary expense x advertising expense x stores rent expense x stores depreciation expense x --- Total operating expense x Administration Expense Office staff salary expense x office rental expense x telephone expense x utilities expense x office supplies expense x office furniture and equipment depreciation expense x insurance expense x ---- Total administration expense x Financial expense x interest expense x bad debts expense x discount allowed expense x ----- total financial expense x --- x --- Net profit excluding financial income x
add Investment income x add Finance income x ---- Net profit before taxes x taxation expense x ---- Net profit after tax x ====