Income Statement Order

Question 1

Start of the question order

Answer 1

sales
Less cost of sales
Opening stock
Purchases
Carriage inwards
Cost of goods available for sale
Less closing stock
Gross profit

Question 2

Second part of question

Answer 2

Less expenses
(L&H, advertising, carriage outwards, wages, debts)
Depreciation
Total expenses
Net profit
Reserves
P&L balance 31/12/22

Question 3

Statement of financial position

Answer 3

Fixed Assets
Current assets
closing stock *
debtors
cash
Current liabilities
creditors
Working Capital
Total Net Assets
Financed By. Authorised Issued
Shared capital
long term loan
P&L balance
Capital employed