Reference no: EM132651535

Question - The following information relates to the activities of Honey Retailers for the year ended 30 June 2020:

Motor vehicle running expenses 9,600

Closing inventory 24,000

Rent and rates 40,000

Rent received from sub-letting 16,000

Motor vans 50,400

Annual depreciation - motor vans 12,000

Heat and light 7,200

Telephone and internet 3,600

Sales 779,200

Goods purchased 546,800

Insurance 6,000

Loan interest payable 4,960

Bank account balance 38,240

Salaries and wages 83,200

Opening inventory balance 32,000

Required - Prepare an income statement for the year ended 30 June 2020.