David has extracted the following balances from his books of account at 31 December 2014.

Inventory at 31 December 2014 was valued at $54,350.

Required

Prepare an income statement for David for the year ended 31 December 2014.

Transcribed Image Text:

Carriage inwards 815 Carriage outwards 1 227 Cleaning expenses 548 Depreciation 1 500 Discounts allowed 1 282 Discounts received 1 901 Inventory at 1 January 2014 52 800 Motor expenses 5 350 Motor vehicles at cost 43 800 Motor vehicles – provision for depreciation 3 000 Purchases 127 385 Rent and rates 27 557 Returns inwards 1 557 Returns outwards 904 Revenue 289 446 Stationery and advertising 1 559 Sundry expenses 7715 Trade payables 15 207 Trade receivables 22 319 Wages and salaries 42 161