SALES REVENUE - How much you made from selling goods, SALES RETURNS - The amount in £ that customers returned to the business in the year. (may not have liked, could have been broken etc), COST OF SALES - How much it cost you to buy the goods you are selling, GROSS PROFIT - Net sales – Cost of sales, OPENNG INVENTORY - How much stock you had at the beginning of the year before trading in new year, CLOSING INVENTORY - How much stock you have left at the end of the year, PURCHASES - How much the business paid for inventory from suppliers during the trading year., PURCHASE RETURNS - How much stock the business returned to the supplier (possibly bought too much or is faulty), CARRIAGE IN - This is the delivery cost to bring SUPPLIES into the business to create the good. (cost of sales), CARRIAGE OUT - This is the delivery fee to send products to customer (out=leaving business), OTHER INCOME - This is money coming into the business other than sales including any discounts allowed., EXPENSES - These are additional costs for the business that do not directly relate to the production of a product (wages, rent, electricity), PROFIT FOR THE YEAR - Money left calculated by ,

INCOME STATEMENT

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