Jeff has provided the following Income Statement (using cash accounting) and additional information related to the transactions he has recorded.

Here When You Need Income Statement For the year ended 30 June 2022
Income: Car sales	$240,000
Less: Expenses	$198,000
Profit	$42,000

1. Car sales earned made in the year ended 30 June 2021 for $5,000 were collected in the current year and have been included in the revenue above.

2. Car sales earned in the year ended 30 June 2022 of $8,000 are expected to be collected in the following year. These have not been included in the revenue above.

3. Salaries owing to staff at 30 June 2021 were $2,000. These were paid in July 2021 which have been included in the expenses above.

4. Salaries owing to staff at 30 June 2022 were $2,700. These were paid in July 2022 which have not been included in the expenses above.

5. Depreciation expense of $6,300 has not been included in the expenses above.

6. During the year, Jeff withdrew $1,900 per month for his own expenses, which have been included in the expenses above.

REQUIRED:

a) Using the above information, prepare an Income Statement using accrual accounting, showing all relevant calculations.