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Unit 21: Income Statements
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Why is it important for private businesses to know how much profit they make? (5 reasons)
Measure success / measure the manager's performance / deciding which products to sell / finance business expansion / attract investors
Why is it important for private businesses to know how much profit they make?
Measure success, measure the manager's performance, deciding which products to sell
Why do suppliers care about income statements?
Because they want to know if the company will continue to purchase materials and other suppliers.
Why does the government care about income statements?
Because taxes are calculated depending on profit
Expenses
day-to-day operating expenses of a business
Costs of sales
the cost of the resources needed to produce the items being sold ~direct costs
Revenue
Total money earned by the sale of products
Total costs
costs of sales and expenses
Profits
the difference between revenue and total costs
Gross profits
revenue minus the cost of sales
Income statement
financial statement of revenue, costs and profits for a given period of time. Usually 1 financial year


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