Question
From the below given particular of Silver Ore Company, you are required to prepare statement of Comprehensive Income for the period ended 31 December 2021?
From the below given particular of Silver Ore Company, you are required to prepare statement of Comprehensive Income for the period ended 31 December 2021?
Sales of silver. $2,200,000
Sales of other minerals. 400,000
Cost of minerals sold. 800,000
office salaries and wages. 200,000
Utilities expenses $ 40,000
supplies exp. $20,000
Depreciation on office equipment $2,000
sales exp $50,000
Advertisement $25,000
income tax. $220,000
gain on sale of medicinal herbs found during drilling (income tax @ 20%). $70,000
gain on foregin currency transactions $20,000
loss on revaluation of PPE. $35,000
profit include gain on disposal food during the year $150,000
Income tax on disposal of food processing unit. 37500
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