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Five star enterprises is involved in sales of educational materials. The firm presents the following information for the year ended 2020: AED Salaries 15,000 Sales

Five star enterprises is involved in sales of educational materials. The firm presents the following information for the year ended 2020:

AED

Salaries

15,000

Sales

150,000

Sales returns

5,000

Rental revenue

20,000

Depreciation of sales van

4,000

Sales commission paid

5,000

Interest expenses

3,000

Income tax

15,000

Cost of goods sold

70,000

Advertising expenses

10,000

Required:

Prepare an income statement for the year 2020 using the multiple-step format. Common shares outstanding for 2020 is 40,000.

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