Analyse the elements of an income and expenditure statement for the following business venture:

ABC Ltd produces biochemical cleaning products. They have been in operation since $1998$ and continue to run as a family owned private business. Because they are incorporated as a company, they are required to produce Annual Financial Statements. Interested parties, such as the owners of the company, clients and suppliers who do business with them and SARS, the Receiver of Revenue, may review these financial statements and make decisions on the results accordingly.

ABC Ltd

Statement of Income and Expenditure

For the period $1$ September $20x$ to $31$ October $20x$

$\backslash$table$[[$Sales$,1,500,000$