The following information relates to the activities of H&S Retailers for the year ended 30†April 2018:

Prepare an income statement for the year ended 30 April 2018. (Hint: Not all items listed should appear on this statement).

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Motor vehicle running expenses 1,200 Closing inventories 3,000 Rent payable 5,000 Motor vans - cost less depreciation 6,300 Annual depreciation - motor vans 1,500 Heat and light 900 Telephone and postage 450 Sales revenue 97,400 Inventories purchased 68,350 Insurance Loan interest payable Balance at bank Salaries and wages Opening inventories 750 620 4,780 10,400 4,000