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Question - Below is financial data for Mila's Law Firm owned by Mila, G. at 30 June 2021:
Cash at bank $15,000
Motor vehicle $29,000
Salaries payable 5,000
Mila, G capital contribution 17,000
Accounts receivable 17,000
Office expense 2,600
Insurance expense 16,000
Advertising expense 20,000
Accounts payable 12,000
Salaries expense 55,000
Service revenue 220,000
Mila, G drawings 20,000
Loan payable 60,000
Travel expense 3,500
Prepaid insurance 2,000
Court filing fees 4,000
Office equipment 45,000
Required - Create an income statement for the business for the year ended 30 June 2021.
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