d-3188995-dt-content-rid-20814196 1/cour inment%202 Due%200- 100% Q1: An inexperienced accountant prepared this statement of profit or loss for Peninsula Pty Ltd, a merchandising firm that has been in business for a number of years PENINSULA PTY LTD Statement of profit or loss for the year ended 30 June 2022 REVENUES Net sales Other revenues $462000 13200 475200 Less: Cost of sales Gross profit (905250 169 950 OPERATING EXPENSES Selling expenses Administrative expenses Financial expenses $57200 44000 4950 Profit before tax (106 150) $ 63800 As an experienced, knowledgeable accountant, you review the statement and determine the following facts. Net sales consist of sales $496 000, less delivery expense on inventory sold $16 500, and sales returns and allowances $17 500. Other revenues consist of discount received $8700 and rent revenue $4500. Selling expenses consist of salespersons' salaries $44 000; depreciation on office equipment $4400; advertising $5500; and sales commissions $3300. The commissions represent commissions paid. At 30 June, $2700 of commissions have been earned by salespersons but have not been paid. Administrative expenses consist of office salaries $20 350; dividends $2750; electricity $6600; interest expense $1100; and rent expense $13 200, which includes prepayments totalling $3300 for rent for the first quarter of 2023. Financial expenses consist of bank charges $550, and discount allowed $4400. The company tax rate is 30%. Required Prepare a fully classified statement of profit or loss.