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What does the income statement do
- lets business know if a profit or loss was made in a particular period
- shows HOW this profit/loss was made
- shows revenue made from sales BEFORE nah deductions
Shows costs of any goods sold etc - salaries, materials, rent, depreciation
Gross profit is?
Revenue - cost of sales
What happens to net profit for period
Given to shareholders as dividends
Reinvested into company
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