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Can someone explain how to prepare the statement of profit or loss and other comprehensive income of Berlin Ltd for the year ended 30 June
Can someone explain how to prepare the statement of profit or loss and other comprehensive income of Berlin Ltd for the year ended 30 June 2016.
Financial Statement Presentation and Disclosure The general ledger trial balance of Berlin Ltd. includes the following accounts at 30 June 2016 i. Sales revenue ii. Interest income iii. Gain on sale of plant and equipment iv. Cost of sales v. Finance expenses vi. Marketing manager's salary vii. CEO's office expenses $950,000 25,000 10,000 600,000 15,000 22,500 12,000 10,000 11,000 vii. Sales promotion expenses ix. x. xi. xii. Office supplies expense Rent Advertising expense Other marketing expenses 7,500 10,000 75,000 xii. ncome tax expense Additional information .A revaluation gain of $20,000 net of tax of tax was recognised for available-for-sale investments held during 2016 No available-for-sale investments were sold during the year . Berlin Ltd uses the single statement format for the Statement of Profit or Loss and Other Comprehensive Income and classifies expenses by functionStep by Step Solution
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