Reference no: EM133099237

Question - Mallyon Designs, a wholesaler of handbags, has provided you with the following information for the year ended 30th June 2021.

Account $

Cash at bank 150,000

Advertising expense 15,200

Accounts Payable 30,000

Inventory 20,000

Bank Loan (due July 2023) 60,000

Cost of sales 110,000

Drawings 15,400

Capital - A.Mallyon 162,800

Depreciation expense - Showroom fixtures & fittings 2,100

Depreciation expense - Motor vehicle 1,700

GST Collected 22,600

GST Paid 37,200

Motor Vehicle 84,000

Prepaid rent 9,000

Sales revenue 374,800

Rent expense (80% showroom and 20% office) 16,000

Showroom fixtures and fittings 80,000

Interest expense 800

Insurance expense (80% showroom and 20% office) 2,000

Wages expense (80% showroom and 20% office) 70,000

Utilities expense (40% showroom and 60% office) 26,800

Accounts Receivable 35,000

Accumulated depreciation - Showroom Fixtures & Fittings 17,000

Accumulated depreciation - Motor vehicle 8,000

Required - From the above information, prepare a fully classified Income Statement for the year ending 30 June 2021.