Mallyon Designs, a wholesaler of handbags, has provided you with the following information for the year ended 30^th June 2021.

Account	$
Cash at bank	150,000
Advertising expense	15,200
Accounts Payable	30,000
Inventory	20,000
Bank Loan (due July 2023)	60,000
Cost of sales	110,000
Drawings	15,400
Capital  - A.Mallyon	162,800
Depreciation expense - Showroom fixtures & fittings	2,100
Depreciation expense - Motor vehicle	1,700
GST Collected	22,600
GST Paid	37,200
Motor Vehicle	84,000
Prepaid rent	9,000
Sales revenue	374,800
Rent expense (80% showroom and 20% office)	16,000
Showroom fixtures and fittings	80,000
Interest expense	800
Insurance expense (80% showroom and 20% office)	2,000
Wages expense (80% showroom and 20% office)	70,000
Utilities expense (40% showroom and 60% office)	26,800
Accounts Receivable	35,000
Accumulated depreciation - Showroom Fixtures & Fittings	17,000
Accumulated depreciation - Motor vehicle	8,000

 

 

Required:

From the above information, prepare a fully classified Income Statement for the year ending 30 June 2021.

Answer rating: 100% (QA)

Here is the Income Statement for Mallyon Designs for the year ended ... View the full answer