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.

Here is the completed Income Statement based on the provided information and standard accounting principles. Income Statement for Maruping Dealers For the year ended 31 August 2024 Step 1: Calculate Sales. The student has already calculated Sales. Sales = 758,413 - 12 = 745,397 Step 2: Calculate Gross Profit. Gross Profit is calculated as Sales minus Cost of Sales. Gross Profit = 745,397 - 500,000 = 245,397 Step 3: Calculate Other Operating Income (Rent Income). The student has already calculated Rent Income. Rent Income = 31,300 + 375,950 = 407,250 Step 4: Calculate Gross Operating Income. Gross Operating Income is the sum of Gross Profit and Other Operating Income (Rent Income). Gross Operating Income = Gross Profit + Rent Income = 245,397 + 407,250 = 652,647 Step 5: Determine Operating Expenses and Operating Profit. 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. Operating Expenses = Gross Operating Income - Operating Profit Operating Expenses = 652,647 - 258,413 = 394,234 So, Operating Profit is 258,413. Step 6: Determine Profit before Interest expense. Since no interest expense is provided, Profit before Interest expense is equal to Operating Profit. Profit before Interest expense = Operating Profit = 258,413 Step 7: Determine Net profit for the year. Assuming no other deductions (like tax), Net profit for the year is equal to Profit before Interest expense. Net profit for the year = Profit before Interest expense = 258,413 Here is the completed Income Statement: | Item | Amount | | :-------------------------------- | 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