The following information relates to Nevertire Ltd. Profit before income tax for the year ended 30 June
Question:
The following information relates to Nevertire Ltd. Profit before income tax for the year ended 30 June 2016 was $220 000. The following items were used in determining that profit:
Sales Cost of sales Selling, administrative and finance expenses Loss from flood Interest revenue Bad debts Development costs written off | $540000 234000 72000 14000 18000 36000 22000 |
Assume the company’s taxation rate is 30c in the dollar.
Required
Prepare the income statement for the year ended 30 June 2016.
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Related Book For
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
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