Jewellery Market in China and its development
The Chinese Gems and jewellery industry has over the past 25 years of reforms & opening-up grown from a base which did not existed to…
Articles by MbaNotesWorld
Different strategies of Consumer Sales Promotion
Consumer sales promotion It tries to inform, educate and stimulate ultimate consumers Samples – Free samples or free services are provided to consumers to introduce…
Closing Entries
After financial statements are prepared, you are ready to get your books ready for the next accounting period by clearing out the income and expense…
Classification of the statement
It is very important to format a profit and loss statement so that it is appropriate to the business being conducted. Title section Name of…
The purpose of Profit and Loss Statement
A profit and loss statement, otherwise known as an income statement, is a summary of a company’s profit or loss during any one given period…
Gross profit
Gross profit/loss is calculated by retailers and wholesalers to determine whether the basic mark-up on cost is sufficient cover operating costs. Retailers and wholesalers use…
Cost of goods sold section
This section of the report shows the direct cost of stock purchased and sold, and any related buying expenses incurred during the period. Other buying…
Miscellaneous operating revenue
Under this heading are included items of operating revenue, normally of a minor nature, which are earned in addition to the main source of revenue,…
Operating expenses
These are expenses required to operate the business for the purpose of earning revenue. It is common for retail and wholesale businesses to classify their…
Sample of Profit and Loss Statement
Sales (all on credit) $500,000 Cost of Goods Sold 380,000 Gross Profit 120,000 Operating Expenses Selling Expenses 35,000 Administrative Expenses 45,000 Total Operating Expenses 80,000…