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ANSWERS Chin En [1] Income Statement for the year ended 31 May 2021 workings$Sales revenue$Ticks78,000[1]Less: Sales returns9,700[1]Net Sales revenue68,300[1]Less: Cost of sales20,800[1]Gross profit47,500[1]Add:
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Solved prepare an income is a financial document that shows an individual or business's income and expenses for a specific period of time, typically a year.
Individuals and businesses that earn income are required to file a solved prepare an income.
To fill out a solved prepare an income, you will need to gather all income and expense information for the specified period and accurately report it on the form.
The purpose of a solved prepare an income is to calculate the total income earned and expenses incurred during a specific period to determine the taxable income.
On a solved prepare an income, you must report all sources of income, such as wages, investments, and rental income, as well as deductible expenses.
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