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Question - AM Consultants operates a number of Consultancy firms (Brisbane and Sydney). The following information relates to a number of accounts presented in the Trial Balance of AM Consultants (post adjustments) for the year ending 30th June 2020.
Accounts
$
Accounts payable
170 000
Insurance expense
70 000
Consulting service revenue
1,500 000
Buildings
1,300 000
Office equipment
30 000
Cash at Bank
50 020
Promotions expense
35 000
Accounts receivable
75 000
Salaries expense
150 500
Mortgage payable
600 000
Office supplies
40 000
Capital
500 000
Office materials expense
367 565
Drawings
75 500
Land
750 000
Rent expense
80 350
Utilities (gas/water, etc.)
50 500
Required -
1. From the information provided, prepare the Income Statement for AM Consultants.
2. In your own words, explain how the income statement is linked to the balance sheet.
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