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2 years ago

Grants Corporation prepared the following two income statements (simplified for illustrative purposes):

Business

1 answer:

SOVA2 [1]2 years ago

4 0

Corrected income statement for each quarter

Particulars First Quarter Second Quarter

Sales Revenue 12200 18800

Cost of goods sold

Beginning inventory 4100 4030

Purchases 3100 12700

Goods available for sale 7200 16730

Ending inventory 4030 9000

Cost of goods sold 3170 7730

Gross profit 9030 11070

Operating expenses 4800 5700

Pretax income 4230 5370

The income statement is one of the most common and important financial statements. The income statement, also known as the income statement (P&L), summarizes all income and expenses over a period of time, including the cumulative impact of income, profits, expenses, and loss transactions. The basic formula for the income statement is Income - Expenses = Net Income.

Learn more about Income statements at

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Answer:

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