Solved: Prepare an income statement for Lee-Way Traders for…

Here is the income statement for Lee-Way Traders for the year ended 30 June 2025:

Calculate adjusted Sales.
Original Sales (A): R8,230,200
Less: Goods returned (iii): R2,200
$\text{Adjusted Sales} = \text{R}8,230,200 - \text{R}2,200 = \text{R}8,228,000$
Calculate adjusted Cost of Sales.
Original Cost of Sales (A): This is not given directly, but we can calculate it using opening stock, purchases, and closing stock. However, the question implies

Prepare an income statement for Lee-Way Traders for the year ended 30 June 2025.