Mr. Seow Income Statement Analysis 2013
Analyze Mr. Seow's income statement for the year ended 31 Dec 2013, including sales revenue, cost of sales, gross profit, expenses, and profit for the year. Understand the trading portion, gross profit/loss, and overall profit/loss. Explore Shaun Stationery and Bob Builders income statements through an income statement worksheet.
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Presentation Transcript
Mr Seow Income Statement for the year ended 31 Dec 2013 $ $ Sales Revenue Less: Sales Return Net Sales Revenue Less: Cost of sales 100 000 - 100 000 (40 000) Gross Profit Add: Other Income (if any) Total of Gross Profit and Other income Less: Expenses Rent Salaries Total Expenses Profit for the year 60 000 - Profit and loss portion 60 000 15 000 3 000 (18,000) 42 000 1
Trading portion which shows gross profit/ (loss) from buying and selling goods. Profit and loss portion which shows the overall profit/ (loss) for the period. 2
Trading portion: Sales revenue Sales returns = Net sales revenue Net sales revenue Cost of sales = Gross Profit / (loss) Profit and loss portion: Gross Profit / (loss) + ALL Other income ALL Expenses = Profit / (loss) for the year 3
Complete Q1 (Shaun Stationery) and Q2 (Bob Builders) of the Income Statement Worksheet 4
