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Assignment 17 Ch.17 Income Statement - Net Profit
Assignment 17 Ch.17 Income Statement - Net Profit
3 Business Fundamentals ‐ Ch.17 Income Statement – Net Profit
Name: _________________________ Class: ____________ (______)
The following balances were extracted from the books of Mr. Lau as at 31 October 20X6.
$
Rental income 800 000
Sales 1 875 000
Electricity 156 000
Purchases 981 000
Interest income 32 000
Inventory as at 1 November 20X5 257 000
Rent 650 000
Salaries 320 000
Inventory as at 31 October 20X6 amounted to $170 000.
REQUIRED
Prepare an income statement for the year ended 31 October 20X6.
Mr. Lau
Income Statement for the year ended 31 October 20X6
$ $