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prepare income statement. total marks 10
accounts receivable= 9000
marchandise inventory= 6000
plant n machinary= 24000
land n building= 82000
furnituren fixtures= 2600
accounts payable= 3800
purchases returns n allowance= 2800
sales return n allowance=4600
advertisment exp= 4000
salaries exp= 12000
total= 212600 212600
1.prepaid insurance on 31st dec 2007 is 1400.
outstanding salaries 1000.
depreciation on plant n machinary@ 10% p.a.
marchandise inventoryon 31st dec 2007 was valued at 6000.