Partial Income Statement Gross Profit

This drops the retail price of the luxury shaving set from 315 to 252.

Partial income statement gross profit. Morrison pet supplies company partial income statement for the year ended june 30 2013 sales revenues. Instructions on how to create the gross profit section of an partial income statement using the periodic system of accounting for inventory. Partial income statement for manufacturing company. Single step partial income statement.

Finished goods inventory june 30 2013 cost of goods sold gross profit. Gross profit section of income statement periodic system free download as pdf file pdf text file txt or read online for free. For example a company may have acquired another business in the middle of a month and so only needs the financial results of the acquiree for the remaining days of the accounting period for consolidation purposes. 252 in sales revenue 200 in cost of goods sold 52 gross profit this means the 20 percent discount you gave wiped an incredible 54 8 percent off your gross profit.

Your costs remain the same at 200. One can prepare this income statement for different components of an income statement. Single step partial income statement prepares only for a particular component of income statements like income statement for the cost of goods sold discontinued operation or gross profit etc. Finished goods inventory july 1 2012 cost of goods manufactured cost of goods available for sale less.