We are now at the end of Q2 and the various Statements need preparing.
The Profit and Loss Statement below, in vertical format, is as shown in the Accounting System > Group 10 >Income Statements.
The Income Statement is prepared based on the Worksheet Q2 and its corresponding Trial Balance above. All line items and amounts are as described in the Trial Balance. The presentation of the Statement in vertical format below is as customarily used by commercial firms.
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