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Consolidated Statement of Profit or Loss and Other Comprehensive IncomeBOART LONGER Limited the financial year ended 31 DECEMBER 2014Note Continuing operations2014 US$\'0002013 US$\'000Revenue Cost

How to fill out statements of profit or

How to fill out statements of profit or:

1. Identify the period: Start by determining the specific time frame for which you are creating the statement of profit or. This could be a month, a quarter, or a year.
2. Gather financial data: Collect all relevant financial information such as sales revenue, cost of goods sold, operating expenses, and other income. Ensure that these numbers are accurate and up to date.
3. Calculate gross profit: Subtract the cost of goods sold from the sales revenue to obtain the gross profit. This figure represents the profit made from selling goods or services before accounting for operating expenses.
4. Deduct operating expenses: List and deduct all operating expenses, such as rent, salaries, utilities, and marketing expenses, from the gross profit. This step will give you the operating profit or operating income.
5. Include other income or expenses: Account for any additional income or expenses not directly related to the core operations of the business. This could include investment income, interest expenses, or one-time charges. Adjust the operating profit accordingly.
6. Calculate the net profit: Subtract any remaining expenses or add any remaining income to the operating profit to arrive at the net profit. The net profit is the final figure representing the overall profit generated by the business during the specified period.

Who needs statements of profit or:

1. Business owners: Statements of profit or are essential for business owners as they provide a comprehensive overview of the financial performance of their business. It helps them assess profitability, make informed decisions, and track financial goals.
2. Investors: Investors, whether they are shareholders or potential lenders, require statements of profit or to evaluate the financial health and profitability of a company. It helps them decide whether to invest in or lend money to the business.
3. Financial institutions: Banks and other financial institutions often require statements of profit or as part of the loan application process. They use these statements to assess the borrower's ability to generate profits and repay the loan.
4. Government agencies: Tax authorities and regulatory bodies may require businesses to submit statements of profit or for compliance purposes. These statements help ensure that businesses report accurate financial information and pay the appropriate taxes.
5. Stakeholders: Other stakeholders, such as employees, suppliers, and customers, may also have an interest in the financial performance of a business. Statements of profit or provide transparency and allow stakeholders to assess the stability and long-term viability of the business.

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What is statements of profit or?

Statements of profit or is a financial document that shows the income and expenses of a business over a specific period of time.

Who is required to file statements of profit or?

Businesses and individuals who earn income are required to file statements of profit or.

How to fill out statements of profit or?

To fill out statements of profit or, one must record all sources of income and expenses accurately and calculate the net profit or loss.

What is the purpose of statements of profit or?

The purpose of statements of profit or is to provide an overview of the financial performance of a business or individual.

What information must be reported on statements of profit or?

Information such as revenue, expenses, net profit or loss, and taxes must be reported on statements of profit or.