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2: Alami company has the given information: Sales Revenue: $140,000, Sales Return and Allowance: $20,000, Sales Discount: $8,000, purchases: $25,000, return outward $2,000, beginning inventory:
2: Alami company has the given information: Sales Revenue: $140,000, Sales Return and Allowance: $20,000, Sales Discount: $8,000, purchases: $25,000, return outward $2,000, beginning inventory: $8,000, ending inventory: $5,000, selling expenses: $10,000, Depreciation expenses: $10,000, dividend revenue: $15,000, rent revenue: $5,000, financing cost: 10% on net purchase of inventory, Tax rate: 30%, gain from discontinued operation: $2,000, Loss from discontinued operation: $1,000. Requirement: Prepare an Income statement. (6 Marks)
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