Daythan Co

Income Statement
For the year ended 30 June 2020

Sales $151,450.00
Less: Sales Return $1,500.00
$152,950.00

Cost of goods sold

Opening Inventory $5,000.00
Add: Purchases $70,000.00
Add: Carriage Inwards $900.00
Less: Purchase Return $200.00
Less: Closing Inventory $5,000.00
$70,700.00

Gross profit $82,250.00

Expenses
Discount allowed $700.00
Wages $10,200.00
General expenses $3,400.00
Property tax $730.00
Loan interest $200.00
Total expenses $15,230.00

Other Revenue
Discount received $350.00

Profit for the year $67,370.00