Below is the Trial balance of Miss Kimmy & Kermit Inc. after his first year’s trading: Miss Kimmy & Kermit Inc Trial Balance as at 30 June 20X8 Cr Dr $ $ Revenue 99,082 Purchases 71,409 Rent 2,000 Printing and stationery 562 Electricity 1,266 Wages 9,492 Insurance 605 Premises 145,000 Computer equipment 8,000 Trade receivables 9,498 Other operating expenses 1,518 Trade payables 3,618 Cash at bank 6,541 Drawings 12,200 Motor vehicle 16,500 Motor expenses 3,109 Capital 185,000 287,700 287,700 Inventory at 30 June 20X8 was valued at $11,498. Required: Prepare the income statement for the year ended 30 June 20X8.
Below is the
Miss Kimmy & Kermit Inc
Trial Balance as at 30 June 20X8
Cr Dr
$ $
Revenue 99,082
Purchases 71,409
Rent 2,000
Printing and stationery 562
Electricity 1,266
Wages 9,492
Insurance 605
Premises 145,000
Computer equipment 8,000
Trade receivables 9,498
Other operating expenses 1,518
Trade payables 3,618
Cash at bank 6,541
Drawings 12,200
Motor vehicle 16,500
Motor expenses 3,109
Capital 185,000
287,700 287,700
Inventory at 30 June 20X8 was valued at $11,498.
Required:
Prepare the income statement for the year ended 30 June 20X8.
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