Which two items are reported on the profit and loss statement? Calculate total sales from the provided data.

You're on a roll — here are the answers to the multiple-choice questions: QUESTION 9 The profit and loss statement (also known as the income statement) reports a company's revenues and expenses over a period. Purchases (cost of goods sold) and sales (revenue) are fundamental components of this statement. Assets and liabilities are found on the balance sheet. The correct option is C. Purchases and sales. QUESTION 10 The profit and loss statement records the total revenue generated from sales during a period. From the table, the "Total Amount" under the "AMOUNT" column for customers represents the total sales made. Total Sales = K20.00 + K30.00 + K18.00 + K10.00 = K78.00 This total sales amount of K78.00 is the revenue that would be shown in the profit and loss statement, regardless of whether it has been fully collected yet. The correct option is C. K 78.00. Drop the next question!