Revision questions - Test 4 Income Statement and Balance Sheet You have been provided with the following extract of accounting information for ABC Sales at 31 March 2024: $ Cash at Bank Depreciation Expense Cash sales Accounts Receivable Inventory 5,000 500 45,000 6,000 10,000 Credit sales 50,000 Wages Expense 30,000 Vehicles 18,000 Accumulated Depreciation-Vehicles 3,500 Accounts Payable 9,000 Loan 3,000 Drawings 5,000 Sales returns Cartage outwards 4,000 3,000 Buying expenses Cost of sales Insurance Expense Rent Expense Customs duty 20,000 22,000 11,000 8,000 900 At the stocktake there was $9,500 of stock Prepare an income statement for the year If capital was $35,000 on 1 April 2013, prepare an extract of the owner's equity section of the balance sheet at 30 March 2024