Question

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

Answer 1

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.

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