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The following relates to Kims Karate Pty Ltd for the year ending 31 March 2020:...

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Accounting

The following relates to Kims Karate Pty Ltd for the year ending 31 March 2020: Required: Prepare an Income Statement. Marks will be deducted for including items that do not belong. Rent Expense 36,000 Equipment 72,000 Prepaid Insurance 14,000 Salaries Expense 113,500 Cash at Bank 23,000 Telephone Expense 4,500 Service Revenue 269,500 Advertising Expense 12,000 Wages Payable 11,500 Depreciation- Equipment 23,000 Supplies Expense 54,000 Electricity Expense 15,000 Accumulated Depreciation- Equipment 76,000

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