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SingaporeAccountingQuick questions

Financial Statements of a Sole Proprietor

Quick questions on The income statement explained: O-Level Principles of Accounts

4short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.

What is gross profit?
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$Gross profit=Net sales−Cost of sales\text{Gross profit} = \text{Net sales} - \text{Cost of sales}$
What is q1?
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State the formula for cost of sales. [2 marks]
What is q2?
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Net sales are \80,000andcostofsalesis and cost of sales is \52,00052,000. State the gross profit. [1 mark]
What is q3?
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Gross profit is \30,000,otherincome, other income \2,0002,000, and expenses \19,000$. State the profit for the year. [2 marks]

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