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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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