The sales are mostly on a credit basis. No record of sales has been made but $500,000 has been received: $475,000 by cheque and $25,000 by cash, from persons to whom goods were sold.

ii. The amount paid to suppliers was $360,000 by cheque

iii. The expenses paid during the year: by cheque, Rent 10,000, General

expenses $9,000; by cash: Rent $2,500

iv. Mr. Peppa took $500 cash per week for personal use.

v. Other information also revealed:

31.12. 2021 31.12.2022

Trade receivables $ 55,000 $ 66,000

Inventory 79,500 85,000

Trade Payables 20,000 32,500

Rent accrued - 2,500

Cash in Hand 4,000 500

Cash at Bank 56,500 152,500

vi. Fixtures and fittings were valued at 31 December 2021 at $40,000. These are depreciated at 10 percent per annum. Can you please assist with formulating an income statement from the question given?