Question - Prepare an income statement for the year ended 30 June 2012 given the following account balances. (Note: Some accounts may not be relevant.)
Cash 3000
Sales 280000
Salary and wages 37000
Accounts receivable 15000
Loan interest 4000
Insurance 2000
Loan 40000
Telephone and postage 500
Rent and rates 12400
Cost of sales 160000
Inventory 11000
Accounts payable 9100
Heat and light 3700
Motor vehicles 32000
Equipment repairs 1600
Depreciation - motor vehicles 4500
Motor vehicle running costs 1700
Depreciation - equipment 3200
Royalties received 1700
Accounting and audit 3400
Bad and doubtful debts 800