Prepare an income statement for Maruping Dealers for the year ended 31 August 2024. Show calculations for Cost of Sales, Gross Profit, Operating Income, and Net profit.

The student has already calculated Sales.

$$\text{Sales} = 758,413 - 12 = 745,397$$

Gross Profit is calculated as Sales minus Cost of Sales.

$$\text{Gross Profit} = 745,397 - 500,000 = 245,397$$

The student has already calculated Rent Income.

$$\text{Rent Income} = 31,300 + 375,950 = 407,250$$

Gross Operating Income is the sum of Gross Profit and Other Operating Income (Rent Income).

$$\text{Gross Operating Income} = \text{Gross Profit} + \text{Rent Income} = 245,397 + 407,250 = 652,647$$

The student wrote 258,413 next to "Operating Income". In the context of completing the income statement, we will interpret this value as the Operating Profit. We can then calculate Operating Expenses by subtracting Operating Profit from Gross Operating Income.

$$\text{Operating Expenses} = \text{Gross Operating Income} - \text{Operating Profit}$$ $$\text{Operating Expenses} = 652,647 - 258,413 = 394,234$$

So, Operating Profit is 258,413.

Since no interest expense is provided, Profit before Interest expense is equal to Operating Profit.

$$\text{Profit before Interest expense} = \text{Operating Profit} = 258,413$$

Assuming no other deductions (like tax), Net profit for the year is equal to Profit before Interest expense.

$$\text{Net profit for the year} = \text{Profit before Interest expense} = 258,413$$

Here is the completed Income Statement:

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