Reference no: EM132987684

Question - PM Consultants operates a number of Consultancy firms (Perth and Adelaide). The following information is relating to a number of accounts presented in the Trial Balance of PM Consultants (post adjustments) for the year ending 30th June 2020.

Accounts $

Accounts payable 85,000

Telephone expense 35,000

Service revenue 750,000

Buildings 650,000

Office equipment 18,000

Cash at Bank 71,020

Advertising expense 28,000

Accounts receivable 108,000

Salaries & Wages 200,500

Mortgage payable 900,000

Office supplies 38,000

Capital 400,000

Office materials expense 137,565

Drawings 67,500

Land 360,000

Rent expense 65,350

Utilities (gas/water, etc.) 39,500

Required -

1. From the information provided, prepare the Income Statement for PM Consultants.

2. In your own words discuss the difference between profit or loss and comprehensive income. (Number of words limit 100 - 150).