The financial statements for George Inc. are presented below:

Statement of comprehensive income for George Inc. for the year ending 30 June 2019

Sales (credit)

15000

Cost of sales

- Inventory?01 July 2018

1000

- Purchases

5900

- Inventory?30 June 2019

900

6000

Gross profit

9000

Selling and administrative expenses

-320

Depreciation

-450

Profit before tax

8230

Income tax expense (20 per cent)

-2420

Profit after tax

5810

Other comprehensive income

-

Total comprehensive income

5180

Statement of financial position for George Inc. as at 30 June 2019

1/07/2018 30/06/2019 Share capital 1000 1000 retained earnings 500 6310 Bank loan 2000 2000 Accounts payable 1200 1500 Total liabilities and owners' equity 4700 10810 Plant and equipment 2300 4900 Land 1200 3500 Accounts receivable 200 1510 Inventory 1000 900 Total Assets 4700 10810