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DIS DHN Accounting Grade 9

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Income Statement

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1. Which of the following item will appear in the Cost of Sales?
Cash Balance Closing Inventory Trade Receivables
2. What is meant by "Profit for the year"?
The difference amount between a revenue and cost of sales for the period. Receipts from goods sold. The remaining of the Gross Profit after all the expenses have been deducted.
3. Calculate the Gross Profit using these information: Revenue = $10,000 Cost of Sales = $6,000 Expenses = $2,000
$4,000 $2,000 $10,000