Refer to the JB Hi-Fi Ltd income statement in figure 3.2 on pages 93 to answer the following questions.
a. What is the major difference between the format of this statement and that of a sole trader or partnership?
b. What do you think is the purpose of the 'Notes' column?
c. What do you think is the meaning of the term 'equity holders of the parent'?
d. What do you think is the purpose of providing the different profit figures - for example, profit before tax, profit for the year.
e. The income statement and balance sheets are consolidated statements of JB Hi-Fi Ltd. What do you think is meant by the term 'consolidated'?