Partial Income Statement Example

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Description: Details on how to create an income statement throught gross profit for a manufacturing company. Finished goods inventory, plus cost of goods manufactured equals cost of goods available for sale. Net sales minus cost of goods sold equals gross profit..Instructions for Gross Profit Section of Income Statement-Periodic System. Love Thy Pets Inc., Income Statement Partial For the Year Ended, Revenues: Sales Less: Sales Returns and Allowances Sales Discounts Net Sales Cost of goods sold: Inventory, January 1 Purchases Less: Purchases returns .A partial income statement reports information for only part of a normal accounting period. This tends to be a special-purpose document that is only used once. For example, a company may have acquired another business in the middle of a month, and so only needs the financial results of the acquiree for the remaining .