Exercise 1: The following information relates to the activities of H & S Retailers for the year ended 30 April 2017: Motor vehicle running expenses 1.200 Closing inventories Rent payable 3,000 5,000 Motor vans-cost less depreciation 6,300 Annual depreciation - motor vans 1,500 Heat and light 900 Telephone and postage 450 Sales revenue 97,400 Goods purchased 68,350 Insurance 750 Loan interest payable 620 Balance at bank 4,780 Salaries and wages 10,400 Opening inventories 4,000 Prepare an income statement for the year ended 30 April 2017. (Hint: Not all items listed should appear on this statement.) H & S Retailers Income Statement for the year ended 30 April 2017 Sales revenue Cost of sales: Opening inventories Purchases Closing inventories Gross profit Salaries and wages Rent payable Heat and light Telephone and postage Insurance Motor vehicle running expenses Depreciation-motor vans Operating profit Loan interest Profit for the period $$