Answer to Question #247776 in Accounting for SHAN

Question

The trial balance and additional information given below was obtained from the records of Vancouver Traders on 28 February 2020, the end of the financial year. REQUIRED Use the trial balance, adjustments and additional information to prepare the Income statement for the year ended 28 February 2020

Answer 1

We have the following data from reports:

Revenue: 900,000

Cost of sales: 600,000

Selling expenses: 50,000

Administrative expenses: 30,000

Other income: 200,000

Other expenses: 100,000

Income tax expense: 100,000

We will make a profit and loss statement: