Relacionar Columnas Income Statements - Trading AcVersión en línea Chapter 27 por Ciara Mealy 1 Income Statement 2 The Trading Account 3 Sales 4 Opening Stock 5 Purchases 6 Cost of Sales/Cost of Goods Sold 7 Carriage Inwards 8 Closing Stock 9 Customs Duty 10 The Profit and Loss Account Calculates the gross profit (or loss) that they business has made from selling its products and services The value of good held in stock at the end of the financial year The costs of goods bought during the year. The cost of goods held in stock at the beginning of the financial year. This may be stock of finished goods and/or raw material A tax paid on purchases from countries outside the EU The cost of having purchases delivered to the business The value of goods sold by the business Made up of the trading account and the profit and loss account The cost to the business of selling the goods that were actually sold during the trading period Calculates the net profit (or loss) after deducting expenses from the gross profit figure
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