The account balances below are taken from the records of gilberton retail, prepare an income statement under the perpetual inventory system for the year ended 30 june 2016 Cost of sales $ 102,620 inventory, 30 june 2016 12,070 selling and distribution expenses 32,730 sales 163,810 sales returns and allowances 3,880 Administrative expenses 10,750 freight inwards 2,020 finance expenses 1,360

YOS) The account balances below are taken from the records of Gilberton Retail Prepare an income statement under the perpetual inventory system for the year ended 30 June 2016 Cost et sales $ 102 620 Inventory, 30 June 2016 12 070 Selling and distribution expenses 32 730 Sales 163 810 Sales returns and allowances 3 880 Administrative expenses 10 750 Freight inwards 2020 Finance expenses 1 360 GILBERTON RETAIL Income Statement for the year ended 30 June 2016 INCOME Sales Revenue: Less: Sales returns and allowances Net sales revenue $163 810 3880 159 930 104640 55 290 Cost of sales ($102 620 $2 020): GROSS PROFIT EXPENSES: Selling and distribution expenses Administrative expenses Finance expenses $32 730 10 750 1 360 PRORT 44 840 $10 450 105) The account balances below are taken from the records of Gilberton Retail Prepare an income Matement under the perpetual inventory system for the year ended 30 June 2016 Cost of sales $ 102 620 Inventory, 30 June 2016 12070 Seling and distribution expenses 32 730 163 810 Sales returns and allowances 3830 Administrative expenses 10 750 Freight inwards Finance expenses 1360 2020 GILBERTON RETAIL Income Statement for the year ended 30 June 2016 INCOME Sales Revenue Less Sales returns and allowance Net sales revenue 5163 810 3880 159 930 104640 55 290 Cost of sales (5102 620 - 52 020): GROSS PROFIT EXPENSES Selling and distribution expenses Administrative expenses Finance experses $32 730 10750 1360 PRORT 44 840 310 450 Administrative exper Freight inwards Finance expenses 10 750 2020 1 360 GILBERTON RETAIL Income Statement for the rear ended 30 June 2016 INCOME Sales Revenue Less Sales returns and allowances Net Sales revenue 5163 810 3880 159 930 104 640 55 290 Cost of sales ($102 620 52 0701 GROSS PROFIT EXPENSES Seiing and distribution expenses Administrative expenses Finance espere 532 730 10 750 1360 PROFIT 44 840 $10 450