Get the free Company statement of profit or loss and other comprehensive income

CAR & GENERAL (KENYA) PLCCONTENTSPAGESCorporate information23Notice of annual general meetingChairmans report4 57Corporate governance report10 11Report of the directors12 14Directors remuneration

How to fill out company statement of profit

How to fill out company statement of profit

1. To fill out a company statement of profit, follow these steps:
2. Start by entering the name of your company and its unique identifier, such as the company registration number or tax identification number.
3. Specify the reporting period for which the statement of profit is being prepared, usually a fiscal year or quarter.
4. List the total revenue earned by the company during the reporting period. This includes all income generated from the sale of goods or services.
5. Deduct any operating expenses incurred during the reporting period. These may include costs related to production, marketing, administration, and employee salaries.
6. Calculate the gross profit by subtracting the total operating expenses from the total revenue.
7. If applicable, include any non-operating income or expenses, such as gains or losses from investments or the sale of assets.
8. Deduct non-operating expenses from non-operating income to calculate the net non-operating profit or loss.
9. Add the gross profit and net non-operating profit or loss to obtain the net profit or loss before taxes.
10. Deduct any taxes payable to arrive at the net profit or loss after taxes.
11. Finally, present the net profit or loss after taxes as the final figure in the statement of profit.
12. Make sure to review and double-check all the figures to ensure accuracy before finalizing the company statement of profit.

Who needs company statement of profit?

1. Company statement of profit is required by various stakeholders including:
2. - Company owners and shareholders to assess the financial performance and profitability of the company.
3. - Potential investors or lenders who need to evaluate the financial health of the company before making investment or lending decisions.
4. - Regulatory authorities such as tax agencies and government agencies to ensure compliance with financial reporting standards and assess tax liabilities.
5. - Financial analysts and researchers who analyze the financial statements of companies for market research or investment purposes.
6. - Internal management and executives who use the statement of profit to make informed decisions and strategic planning for the company.
7. Overall, the company statement of profit is a vital financial document that provides valuable information about the financial performance and profitability of a company.

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What is company statement of profit?

A company statement of profit, also known as an income statement or profit and loss statement, summarizes a company's revenues, costs, and expenses during a specific period, ultimately indicating the net profit or loss.

Who is required to file company statement of profit?

Typically, all companies, including corporations and limited liability companies, are required to file a statement of profit as part of their financial reporting obligations, particularly if they are publicly traded or subject to regulatory oversight.

How to fill out company statement of profit?

To fill out a company statement of profit, gather financial data on revenues, cost of goods sold, operating expenses, and any other income or expenses. Then, calculate gross profit, operating profit, and net profit by following the structured format of the statement.

What is the purpose of company statement of profit?

The purpose of the company statement of profit is to provide stakeholders, including management, investors, and regulatory agencies, with an overview of the company's financial performance over a specific period, aiding in decision-making and assessments of profitability.

What information must be reported on company statement of profit?

The company statement of profit must report total revenues, cost of goods sold, gross profit, operating expenses, operating profit, other income and expenses, and net profit or loss for the period.