Income Statement Flashcards
1
Q
What is on the income statement
A
Sales revenue Cost of sales Gross Profit expenses Net profit Interest tax Profit after Tax Dividends Retained Profit
2
Q
Were are incomes on the Profit and loss account ?
A
On the right
3
Q
Where are the losses on the income statement
A
On the Left
4
Q
How to calculate Gross Profit ?
A
Revenue- costs of sales
5
Q
How to calculate Netprofit
A
Gross profit - expenses
6
Q
Profit after tax
A
Net profit - tax
7
Q
Retained profit
A
Profit after tax - dividends
