THE JEWELLERY STORE Income Statement for year ended 30 June 2020 Sales Cash Credit 20 000 90 000 Sales Returns. (2 500) 87 500 107 500 Cost of Goods Sold Inventory 1/7/19 Credit Purchases 8.000 22 000 1 500 Cartage Inventory 30/6/20 Gross Profit Discount Received Operating Expenses Wages Depreciation on office equipment Depreciation on delivery vehicles Insurance General office expenses Bad Debts Interest on mortgage Net Profit 31 500 (12 000) 19 500 50 000 1100 5.000 4 500 88 000 2200 90 200 7100 4 000 10 500 (82 200) $8 000