Prepare Income Statement from the following data Building 5,400,000 Distribution expenses 600,000 Sales Return 900,000 Office equipments 1,250,000 Material Cost 879,000 Credit Sales made during the year 4,200,000 Furniture 1,500,000 Office Electricity bill 413,000 Accounts receiveables 654,000 Bank overdraft 421,000 Office rent 631,000 Factory rent 235,000 Cash in Hand 1,200,000 Cash Sales Made During the year 6,825,000 Cash at Bank 4,589,000 Inventory 2,595,000 Bill board Expenses 412,350 Labour Cost 658,000 Owner's equity 8,975,000 Sales Tax 756,000 other manufacturing expenses 978,000 interest on bank loan 745,000 Rent Received 1,250,000
