?A Pty Ltd operates a business. The Company$$s Financial Accountant provided you with the following profit and loss statement.

$$ ?Determine Taxable Income for Company

$$ ?Determine Tax Payable by Company

$$ ?Prepare Franking Account

PROFIT AND LOSS

Income

$

? Sales $550,000$ ?

? Interest $5,000$ ?

? Dividend Fully Franked $10,000$ ?

Total Income $565,000$ ?

Cost of Goods Sold

? Opening Stock $20,000$ ?

? Purchases $100,000$ ?

? Closing Stock $50,000$ ?

Total Cost of Goods Sold $70\mathrm{.}000$ ?

Gross Profit $495,000$

Expenses

$

? Employee Wages $45,000$ ?

? Legal fees $8,500$ ?

? Staff Entertainment $1,000$ ?

? Rent $45,000$ ?

Total Expenses $99,500$ ?

NET Profit $395,500$ ?

Tax Instalments paid $$2,500$ ?each quarter $($June Quarter paid in July$)$ ?

Tax Refund previous year $$3,500$ ?

Fully Franked Dividend paid $$2,000$ ?

Opening Franking Account Balance $$1,000$