chap1

Question 1

statement of profit or loss format

Answer 1

Sales revenue
less: sales returns
Net sales
less: cost of sales
Gross profit
less operating expense
-
-
Total operating expenses
Net profit

Question 2

statement of financial position

Answer 2

-
Total assets
Liabilities
-
-
Total liabilities
Shareholders’ equity
ordinary shares capital
retained earnings
Total shareholders’ equity
Total liabilities and shareholders’ equity