IG 5.3 Income statement

What's the objective for most private sector businesses?___

What would happen if a business does not keep an Account?

Formula: Profit=___-___

Review: What are some important characteristics for entrepreneurs?

Review: What are some disadvantages of being an entrepreneur?

Sells 25000 items on credit @ $3. Pays cash to suppliers ($2 per item), What's the profit/loss?

Who is required to disclose(公开） their accounts?

Cost 分为___Cost 和 ___Cost

Whats the Revenue for XYZ Limited?

Whats the Cost of sales for XYZ Limited?

Whats the Gross profit for XYZ Limited

Gross Profit =___; Net profit=___;Profit after tax=___;Retained profit=___;

Based on this income statements, we should choose Location A