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Petronas Ltd
Income Statement for the year ending
31 December 2015
$ $
Revenue
Sales 1,700,000
less Sales returns 8,000
1,692,000
less Expenses
Selling Expenses
Wages & Salaries 160,000
Administration Expenses
Rates 40,000
Insurance 40,000
General expenses 10,000 90,000
Finance Expenses
Loan interest 8,000
Bad debts 10,000 18,000
268,000
Net profit 574,000
$ $ $
Current assets
Cash 4,500
Accounts Receivable 240,000
Inventory 300,000
Total current assets 544,500
Current liabilities
Bank overdraft 100,000
Accounts payable 120,000
Total current liabilities 220,000
Shareholders equity
Ordinary shares issued at $1 700,000
Retained profits 604,500
Total equity 1,304,500
Total equity and liabilities 1,844,500