E4.7 - Classified Statement of Profit and Loss
INCOME
Sales revenue:
Gross sales revenue
Less: Sales returns and allowances
Net sales revenue
Less: Cost of sales
GROSS PROFIT
Other income:
Discount received
Rent revenue
EXPENSES
Selling expenses:
Freight out 7,000
Rent expense - store space 20,000
Administrative expenses:
Insurance expense 12,000
Office salaries expense
61,000
Financial expenses:
Discount allowed 8,000
Bank charges
50
Total operating expenses
PROFIT BEFORE INCOME TAX
Less: Income tax expense
PROFIT
