Nagin set up a new business on 1 January 20X9, producing fresh cookies to sell to cafes in his local area. He wants to confirm his new venture is making a profit and extracted the following balances from his computerized records for the six months ending 30 June 20X9:

Nagin valued his inventory at £1,470 on 30 June 20X9.
You are required to produce an income statement for Nagin for the six months ending 30 June 20X9. Indicate whether or not he is making a profit.

Transcribed Image Text:

Revenue Purchases 68,470 14,350 Bank charges 280 Staff wages Protective clothing 12,000 450 Cleaning materials 345 Rent and rates 3,540 Light and heat 1,130