Question
Question 2 PM Consultants operates a number of Consultancy firms (Perth and Adelaide). The following information is relating to a number of accounts presented in
Question 2
PM Consultants operates a number of Consultancy firms (Perth and Adelaide). The following information is relating to a number of accounts presented in the Trial Balance of PM Consultants (post adjustments) for the year ending 30th June 2020.
Accounts
$
Accounts payable
85 000
Telephone expense
35 000
Service revenue
750 000
Buildings
650 000
Office equipment
18 000
Cash at Bank
71 020
Advertising expense
28 000
Accounts receivable
108 000
Salaries & Wages
200 500
Mortgage payable
900 000
Office supplies
38 000
Capital
400 000
Office materials expense
137 565
Drawings
67 500
Land
360 000
Rent expense
65 350
Utilities (gas/water, etc.)
39 500
Required:
- From the information provided, prepare the Income Statement for PM Consultants
- In your own words discuss the difference between profit or loss and comprehensive income.
(Number of words limit 100 - 150)
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