The following is the income statement for Harry Potter’s
business operations last year.
Harry Potter Pty Limited
Income Statement
For the Year ended 30 June 2007
Sales
446,420
Less: Cost of Goods sold
316,512
Gross profit
129,908
Operating expenses
Accounting fees
650
Advertising
3,239
Bank charges
244
Depreciation
632
Electricity
778
Insurances
1,420
Interest paid
1,600
Legal fees
200
Rent
40,900
Stationery
416
Sundries
374
Superannuation...