Adelaide Camping Store Pty Ltd is owned and managed by Saphira Browne in the inner Adelaide area. The following adjusted Trial Balance for Adelaide Camping Store Pty Ltd has been prepared at the year-end by Saphira.

ADELAIDE CAMPING STORE PTY LTD

TRIAL BALANCE

AS AT 30 JUNE 2020

Account	Debit ($)	Credit ($)
Cash	35 400
Accounts receivable	50 000
Inventory (1 July 2019)	105 800
Prepaid Rent	7 100
Term Deposit	126 000
Store Equipment	80 000
Accumulated Depn Store Equipment		20 000
Delivery Truck	60 000
Accumulated Depreciation Delivery Truck		12 000
Accounts Payable		56 800
Unearned Revenue		8 500
Bank loan		40 000
Saphira Browne, Capital (1 July 2019)		320 660
Saphira Browne, Drawings	12 500
Sales Revenue		440 000
Sales Returns and Allowances	15 800
Purchase Returns and Allowances		5 900
Discounts Received		8 200
Purchases	245 720
Freight Inwards	22 870
Freight Outwards	7 500
Wages Expense	86 180
Delivery Truck Maintenance Expense	12 450
Discount Allowed	1 340
Store Rent Expense	25 700
Advertising Expense	9 000
Accrued Delivery Truck Maintenance Expense		2 400
Doubtful Debts Expense	1 000
Allowance for Doubtful Debts		1 000
Depreciation expense Store Equipment	10 000
Depreciation Expense Delivery Truck	6 000
Accrued Accounting Wages		4 900
	920 360	920 360

Additional Information:

• A stocktake performed at 30 June 2020 recorded an ending inventory balance of $145 600.
• The wages account balance is comprised of $70 200 for Selling and Distribution and $15 980 for Administration.

REQUIRED:

Using the template provided on the following page, prepare a fully classified Income Statement for the year ending

30 June 2020.