Income Statement Questions And Answers Pdf

The solution to this question works the income statement backwards.

Income statement questions and answers pdf. Abc private limited s income statement for the year ended 31 st march 2016. Module 5 statement of comprehensive income and income statement ifrs foundation. Answer even though this question requires an extract from the consolidated income statement the principle is still the same as illustration 3 consolidate the group as if it is a single economic entity by adding in 100 line by line and showing group performance with the outside world. Financial statement and ratio analysis lo1 the financial statements 1 2 the income statement.

Net income dividends addition to retained earnings net income 1 570 4 900 net income 6 470 now looking at the income statement. The following trial balance is prepared after preparation of income statement for f. 4 submit all workings. Access the answers to hundreds of income statement questions that are explained in a way that s easy for you to understand.

Starting at the bottom. 9 a prepare the firm s income statement trading and profit and loss account including the appropriation. Get help with your income statement homework. 11 b prepare the position statement balance sheet as at 28 february 2015.

Statement of cash flows direct method example assume that accounts payable was only used to acquire. Green as at 31 march 2015 in both horizontal and vertical style. Training material for the ifrs for smes version 2013 1 2 ifrs for smes the ifrs for smes is intended to apply to the general purpose financial statements of entities that do not have public accountability see section 1 small and medium sized entities. Abc co s income statement 2000 sales 5 000 000 cost of goods sold 3 500 000 gross margin 1 500 000 rent expense 240 000 wage expense 800 000 depreciation expense 150 000 net income 310 000.

In the absence of information about the date of repayment of a liability then it may be assumed. Download full text pdf read full text. Answer any five questions c a prepare the income statement profit and loss account for the year ended 28 february 2015. Ebt ebt tax rate net income recognize that ebt tax rate is simply the calculation for taxes.

Prepare balance sheet for f. Green as at 31 march 2015. 1 2 the income statement unlike the balance sheet which tells us the state of the fi rm at one point in time the income statement tells us how the fi rm has performed over a period of time.