Statement of comprehensive income

Question 1

revenue

Answer 1

selling price x quantity sold

Question 2

gross profit

Answer 2

sales revenue -costs of goods sold

Question 3

costs of goods sold

Answer 3

opening inventory + purchases – closing inventory

Question 4

profit / loss for the year

Answer 4

gross profit - expenses + other income

Question 5

net book value

Answer 5

costs - depreciation