Question - Account balances for Cayden Enterprises, a sole trader, at 31 March is:
Accounts payable $20,000; Accounts receivable $50,000; Accumulated depreciation - fixtures and fittings $5,000; Advertising expense $1,500; Capital $160,400; Cash at bank $100,000;
Cost of sales $132,000; Depreciation expense - fixtures and fittings $2,500: Fixtures and fittings $12,000; Inventory $40,000; Land $25,000; Loan payable $20,000; Prepaid rent $ 1,200;
Rent expense $3,800; Repairs expense $9,900; Sales revenue $172,500; Unearned revenue $3,500.
What are the items that would appear in the Income Statement for the period ended 31 March. Including the name of the accounts.