6. Using the following extracts from the records of Mr Ayodele, prepare his income statement...
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6. Using the following extracts from the records of Mr Ayodele, prepare his income statement for the period ended 30 June 2020 30/6/2019 30/6/2020 Inventory N300,000 To be calculated Receivables N200,000 N100,000 Payables N300,000 N200,000 During this period: Receipts from Receivables N700,000 Cash Sales N200,000 Payment to Payables N600,000 Payment for Expenses N50,000 Mark-up is 25% and Accrued expenses as at 30 June 2020 N20,000 (20 marks)
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