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Income Statement
Aunty J. a tomato seller started business on 1st January, 2009 with 10 cartons of tomatoes at ˘200 per cartons. In the course of the year, she bought 100 cartons of tomatoes at ˘25 per cartons. She sold 75% of the goods bought at cost plus 50% profit. She paid transportation cost for the 100 cartons at 2.5 per cartons. She returned 10% of the goods bought due to insert infestation. Also customers returned 5 cartons of the tomatoes sold to them. From the available information, prepare the trading section of the income statement of the income statement of Aunty J. for the year ended 31st December 2009.
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Aunty Oxidant, a competing seller just down the road from Aunty J's stand, had a similar set of transactions during the year, and needed to prepare the trading section of her income statement, as well.
Like AJ, AO sought advice from AMHD. But of the two, AO was certainly the sharper tomato, and she started with a careful reading of the forum's homework help rules. She then included in her post the work she had attempted at writing up the trading section, and asked for someone to check her work and give her advice where she was unsure of the correct approach. AO got the guidance she needed, while AJ fell behind and spent the day trying to ketchup. |
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