Sams Retails has the following data available as of 30 June 2019.

Required: From the data, establish an income statement and a balance sheet

HI5002 Finance For Business

Sams Retails Data as of 30 June 2019

Note: Company income tax 30%, during the accounting period. The company has paid 2.5% of interest on the mortgage. Profit is retained for further investment

Sales

542,000

Administration expense

1,500

Shop Lease

24,000

Cash at Bank

175,000

Costs of Good Sold

274,000

Wages and salaries

38,500

Accounts payables

15,050

Miscelanous Expense

2,500

Land and buildings

127,000

Supplies expenses

600

Prepaid by a client for the company service

15,000

Prepaid Insurance

3,000