Income Statement | Zayls

by Angelica San Juan
6 months ago

Income Statement

This is the income statement with the standard format. This report follows the Normal Balance of each account. The formulas are as follows:

  • Net Sales = Total summation of all Revenue accounts
  • Gross Profit = Net Sales – COGS
  • Income from Operations = Gross Profit – Total Expense
  • Income before Tax = Income from Operations + Other Income – Other Expenses
  • Net Income = Income before Tax – Provision for Income Tax
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