e APty 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 SAMPLE QUESTION PARTNERSHIP 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 70.000 Gross Profit 495,000 SAMPLE QUESTION Expenses $ Employee Wages 45,000 Legal fees 8,500 Staff Entertainment expenses 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