From the Income Statement, complete the missing information for entries A, B
and C

John McLean is a sole trader who operates a small business. He has produced the
following Income Statement for Year 2.
Income Statement for John McLean
For the year ended 31 December Year 2
£ £
A 70,000

Less Cost of Sales 40,000
Gross Profit B
Less Expenses
Electricity 1,000
Rent 4,000
Wages 5,000
10,000
PROFIT FOR THE YEAR C
(a) From the Income Statement, complete the missing information for entries A, B
and C.
(b) (i) Describe the sources of finance available to a private limited company for
expansion.
(ii) Justify the use of sources of finance outlined in (b)(i). (A different
justification should be given for each source.)
(c) Outline the benefits of budgeting to an organisation.

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