The following information was prepared for Xi Services as at 30 June 2018.
Additional information available at 30 June 2018:
1. Interest expense outstanding is $4,500.
2. An allowance for doubtful debts is to be created for $1,500.
3. Depreciation of equipment is at the rate of 15% p.a. using the reducing-balance method.
4. $2,500 of the prepaid insurance has been used-up during the year
REQUIRED:
Incorporating all the above information, prepare:
a)an Income Statement for the year ended 30 June 2018.

Question

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The Answer of The following information was prepared for Xi Services as at 30 June 2018.
Additional information available at 30 June 2018:
1. Interest expense outstanding is $4,500.
2. An allowance for doubtful debts is to be created for $1,500.
3. Depreciation of equipment is at the rate of 15% p.a. using the reducing-balance method.
4. $2,500 of the prepaid insurance has been used-up during the year
REQUIRED:
Incorporating all the above information, prepare:
a)an Income Statement for the year ended 30 June 2018.

The Following Information Was Prepared for Xi Services as at 30