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How much should be reported as net profit for the year ended December 31, 2020? The general ledger trial balance of Emily Ltd includes the
How much should be reported as net profit for the year ended December 31, 2020?
The general ledger trial balance of Emily Ltd includes the following accounts at December 31, 2020 : Sales revenue Interest income Share of profit of associates accounted for using the equity method Gain on sale of securities investments Decrease in inventories of finished goods Raw materials and consumables used Employee benefit expenses Depreciation of property, plant and equipment Impairment loss on property Finance costs Other expenses Income tax expense $975,000 20,000 15,000 10,000 25,000 350,000 150,000 45,000 80,000 35,000 45,000 75,000Step by Step Solution
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