Answer to Question #195447 in Other for Chelsey

Question

Draft an income statement with the following information.

Capital-R200 000

Drawings-R25 000

Cash sales-R500 000

Cash purchases-R125 000

Credit sales-R500 000

Credit Purchases-R250 000

Inventory(closing)- R100 000

Bank(opening)-R20 500 (unfavorable)

Cost of sales- R300 000

Wages-R50 000

Advertising-R25 000

Telephone-R13 000

Stationary-R10 000

Interest income-R2 500

Answer 1

Dear Chelsey, your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order