Please help in editing the Income Statement for the period ended 31st October 2021 for the question attached to include the entry for The closing inventory = £ 320 Kindly advise on how to add an entry for closing inventory in the below income statementpreapared for Anne for period ended 31 Oct 2021The closing inventory is £ 320Income StatementParticularsAmountSales RevenueCost of Goods SoldGross ProfitOperating ExpensesRepair ExpesnesWages ExpensesRent ExpensesTravel ExpensesTotal Operating ExpensesOperating Income/LossOther Income£5,600£4,830£770£110£820£850£1,200£2,980-£2,210Rent Revenue£800Net Loss-£1,410 Prepare an Income Statement for the period ended 31st October 2021The closing inventory is £ 320Anne York is a sole trader who started the business of buying and selling furniture in Brighton on the1st of October 2021.She is going to prepare accounts to 31st of September 2021. She contributed to the business with£10,000 in the Bank, £4,800 cash, 45,000 flat and 12,000 Car. The transactions during the month areas follows:2/10 Purchased furniture £5400 for sale on credit from Home Ltd4/10 She bought a computer for £800 and a printer £200 from a local shop in London and paid bycheque.5/10 Sold goods for £ 2800 and received the money via Bank account12/10 Paid in Cash £110 for repairing printer18/10 Part of furniture returned to Home Ltd £25021/10 The owner received rent £800 for flat and deposited it to the bank account23/10 Sold goods to Rayan £2100; from this amount £1800 cash received immediately and the restremains on credit.23/10 Sold goods of £700 to David and received cash24/10 Bought a new Laptop for business use by issuing a cheque £170026/10 Paid the month's wages to the part-time shopkeeper by cheque £82030/10 The owner rented an office place in a Business Park near the London on 1 October and paidrent by cheque £85031/10 The owner has also paid £ 1200 from the business bank account to book a hotel and flight inScotland for her holiday.31/10 £150 Cash received from Rayan.

The cost of goods sold is calculated as follows : Total cost of goods available for sale - Ending…

indly advise on how to add an entry for dlosing inventory in the below income statement reapared for Anne for period ended 31 Oct 2021 he closing inventory is £ 320 Income Statement Particulars Amount Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Repair Expesnes Wages Expenses Rent Expenses Travel Expenses Total Operating Expenses Operating Income/Loss other Income £5,600 £4,830 £770 £110 £820 £850 £1,200 £2,980 -£2,210 Rent Revenue £800 Net Loss -£1,410

indly advise on how to add an entry for dlosing inventory in the below income statement reapared for Anne for period ended 31 Oct 2021 he closing inventory is £ 320 Income Statement Particulars Amount Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Repair Expesnes Wages Expenses Rent Expenses Travel Expenses Total Operating Expenses Operating Income/Loss other Income £5,600 £4,830 £770 £110 £820 £850 £1,200 £2,980 -£2,210 Rent Revenue £800 Net Loss -£1,410

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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