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As at the financial year end 31st March 2022, the balances in the accounts of 'Prosport Limited' are as follows: ACCOUNT $ '000s Cash
As at the financial year end 31st March 2022, the balances in the accounts of 'Prosport Limited' are as follows: ACCOUNT $ '000s Cash 1,000 Sales Revenue 31,272 Trade Accounts Receivable 2,785 Audit Fees Expense 32 Prepayments 1,624 Sundry Accounts Receivable 68 Tax Receivable 2,156 Bank Overdraft 4,147 Business Marketing Expenses 573 Trade Accounts Payable 2,552 Employee Remuneration Expenses 4,709 Accrued Liabilities 3,856 Repairs and Maintenance 1,424 Other Expenses 5,109 Employee Entitlement Expenses 340 Lease Expenses on Vehicles 141 Bank Loan 118,000 Consulting Expenses 165 Long-term Loan 700 Interest Expense 8,445 Notes Payable Loan 55,000 Tax Expense 185 Share Capital 28,647 Depreciation Expense 6,579 Retained Earnings 36,499 Prepare the fully classified Income Statement only for Prosport Limited for the period ended 31st March 2022. N.B. Please prepare an income statement only. A fully classified income statement refers to the income statements examined in the lecture slides.
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