ThefollowingtrialbalancehasbeenextractedfromtheledgerofMr.Cole,asoletrader: Trialbalanceasat31December,2020 Particulars Debit¢ Credit¢ Sales 138,000 Purchases 82,350 Travelexpenses 5,200 Drawings 7,800 Rent,rates&insurance 6,600 Postageandstationery 3,000 Advertisement 1,330 Salariesandwages 26,420 Baddebt 8,700 InvestmentIncome 15,890 Debtors 12,120 Creditors  130 Cashinhand 1,700 Cashatbank 1,000 Inventoryasat1January,2020 11,800 Equipmentatcost 58,000 Loan 19,000 Capital 53,000 226,020 226,020 Inventoryatthecloseofbusinesshasbeenvaluedat¢13,500 Required; Prepareanincomestatementfortheyearending31stDecember2020andabalancesheetasat thatdate.

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A: MD%=Total Retail sales-Total salesCurrent total sales×100=$5,805-$3,823.725$18,800×100=10.54%

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