Income Statements

An income statement highlights a business's

• Assets

• Profits and Losses

• Sales

• Wages

Businesses produce income statement to:

• Calculate total costs of expenses

• Calculate costs of sales

• Legal reasons

• Calculate profit/loss for the year

What should be in (i)

• Sales

• Opening Inventory

• Closing Inventory

• Purchases

What should be in (ii)

• Gross Profit

• Profit for the Year

• Opening Balance

• Profit

What should be in (iii)

• Gross Profit

• Profit for the Year

• Opening Balance

• Profit

What should be in (iv)

• £800

• £2,000

• £8,000

• £3,000

What should be in (v)

• £130

• £155

• £1,000

• £105