Explanation of the similarities and differences between the Income Statement and

Question

Explanation of the similarities and differences between the Income Statement and Operating Activities section of the Statement of Cash Flows. What type of information is each statement conveying? Be specific and provide at least two similarities and two differences. 5. Explanation of what Andrew and Kevin should do differently to enhance future operations and profitability of the business going forward. Be specific and provide at least two examples. 6. Notes: -All financial statements should be prepared according to the formats outlined in your textbook and "Financial Data Format" reference document available on TITANium All numbers should be rounded to whole numbers. Please do not include any decimals.

Explanation / Answer

Income Statement for the period ended July 17

Income Statement for the period ended July 17

Revenue Service Revenue 3480 Sales Revenue 24400 Less :- Discount 244 24156 Total Revenue 27,636.00 Expenses Cost of Goods Sold 16,800.00 Wages Expenses     5,580.00 Supplies Expenses     1,020.00 Accounting Fees     1,000.00 Insurance Expenses        400.00 Bad debts Expenses     1,220.00 26,020.00 EBIDTA     1,616.00 Less :-    Interest Expenses        400.00 Depreciation Expenses        686.00     1,086.00 PBT        530.00 Income Tax Expenses @ 30% at PBT        159.00        159.00 PAT        371.00

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