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M & N Wholesalers Year Ended 30 November 2018 Motor vehicle running expenses 1,250 Closing inventories 3,800 Rent payable 5,700 Motor vans cost less
M & N Wholesalers | Year Ended 30 November 2018 |
Motor vehicle running expenses | £1,250 |
Closing inventories | £3,800 |
Rent payable | £5,700 |
Motor vans – cost less depreciation | £6,900 |
Annual depreciation – motor vans | £1,600 |
Heat and light | £910 |
Telephone and postage | £480 |
Sales revenue | £96,500 |
Goods purchased | £67,800 |
Insurance | £730 |
Loan interest payable | £620 |
Balance at bank | £4,850 |
Salaries and wages | £10,200 |
Opening inventories | £4,100 |
Prepare an income statement for the year ended 30 November 2018, and determine the operating profit.
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