Combined Income Statement (Junior Cert Business Studies): Flashcards

Shows business financial performance over a trading period

Inventory value at start of period

Transport costs for bringing goods into the business

Inventory remaining at end of period

Opening stock + Purchases + Carriage in - Closing stock

Sales revenue minus cost of sales

Gross profit minus total expenses

Profit made before considering operating expenses

Final profit after all business costs accounted for

Shows how net profit is distributed (dividends & reserves)

Net profit - Dividends + Opening reserves = Closing reserves

Expense - decrease in value of fixed assets over time

One year