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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 -
A. From the information provided, prepare the Income Statement for PM Consultants.
B. Discuss the difference between profit or loss and comprehensive income.
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