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    lgarcia13's Avatar
    lgarcia13 Posts: 4, Reputation: 1
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    #1

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

    I can't seem to understand it.
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
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    #2

    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's Avatar
    lgarcia13 Posts: 4, Reputation: 1
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    #3

    Mar 16, 2010, 10:57 PM
    Quote Originally Posted by ROLCAM View Post
    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!
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