ABC Business ArcadeProfit and Loss StatementFor the year ending 31 December, 2016 |
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Revenues and Gains Product Sales Service Sales Gross sales revenues Interest Revenues Gain in sale of Assets Less Returns and Allowances Beginning Inventory Freight Merchandise Purchases Net Sales and Revenues Expenses and Losses Cost of Goods Sold Direct Materials Direct Labor Net Cost of Goods Manufacturing Overhead Indirect Labor Depreciation, manufacturing equipment Commissions Expense Rent Insurance Office Supplies Expense Office Equipment Expense Advertising Equipment Interest Expense Loss from Lawsuit Utilities Other Manufacturing Overhead Net Manufacturing Overhead Net Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses Sales Salaries Warranty Expenses Depreciation, Store Equipment Other Selling Equipment Total Selling Expenses General & Administrative Expenses Administration Wages and Salaries Accounting and Legal Fees Commissions Expense Advertising Electricity Insurance Interest and bank charges Postage Printing and Stationery Professional Membership Repairs and Maintenance Training Vehicle Operating Costs Worker Compensation Rent for Premises Depreciation, Computers Other General and Administrative Expenses Total General and Administrative Expenses Total Operating Expenses Operating Income Before Taxes Non-Operating or Other Revenues Financial Revenue and Expenses Revenue from sale of investments Interest Revenues Less interest expense Loss from lawsuit Net financial gain (expense) Income Before Tax and Extraordinary Item Less income, state, and local taxes and Licenses on operation Income before extraordinary items (Income from Continuing Operations) Extraordinary Items Sale of land Less initial cost Net gain on sale of land Less income tax on gain Extraordinary items after tax (Income from discontinued Operations) Net Income (Profit) |
28,000 2,000 (28,000 + 2,000) = 30,000 2,000 1,300 1,000 1,200 800 300 32,000 6,000 5,500 11,500 2,000 500 1,000 3,000 200 700 500 300 200 450 150 200 9,200 20,700 11,300 5,200 800 250 950 7,200 450 200 150 150 150 150 100 100 100 100 80 120 110 100 100 100 100 1,850 9,560 1,740 116 411 (195) (100) (235) 1,445 538 = (1,445 – 538) = 907 510 135 = (510 - 135) = 375 108 = (375 – 108) = 267 = (907 - 267) = 640 |
Reference
GUILDING, C. (2010). Profit and loss statement.
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