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View Full Version : Condensed Income Statements


lgarcia13
Mar 16, 2010, 04:45 PM
How do you get the Cost of Goods Sold for a condensed income statement?

I can't seem to understand it.

ROLCAM
Mar 16, 2010, 06:05 PM
Very simple concept.

You start with the OPENING BALANCE of STOCK, you add the PURCHASES and you subtract
The CLOSING BALANCE of STOCK.

lgarcia13
Mar 16, 2010, 10:57 PM
Very simple concept.

You start with the OPENING BALANCE of STOCK, you add the PURCHASES and you subtract
the CLOSING BALANCE of STOCK.

Thanks so much!