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In your new position as chief financial officer for Gulf Barges Limited, the first task you have been assigned to complete is to prepare the

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In your new position as chief financial officer for Gulf Barges Limited, the first task you have been assigned to complete is to prepare the income statement for the 12-month period ended June 30, 2022. On your desk on your first day, the previous chief financial officer has left you valuable information to complete the task. 1. Total revenue recorded by Gulf Barges Limited during the accounting period was $185,852,000. Included in the total revenue figure is Other Revenue totalling $21,050,000 and Interest Income totalling $2,453,000 2. Following is a list of expenses incurred by the company. Expense Account Total incurred Expense Account Advertising and Marketing Costs Assigned Overhead Direct Labour Direct Material Entertainment Insurance and Utilities Office Supplies Repairs and Maintenance Salaries to Administrative Staff Total Incurred $2,512,000.00 $15,483,000.00 $47,894,000.00 $12,560,000.00 $561,000.00 $1,690,000.00 $590,000.00 $1,457,000.00 $6,801,000.00 III Sales Commissions Travel Costs $21,036,000.00 $1,260,000.00 3. On January 1, 2022, the company sold a block of land held for investment and recognized a gain on the sale of $12,861,000. 4. On April 1, 2022, the company sold equipment that resulted in a loss of $4,891,000. 5. The company incurred finance interest charges during the accounting period of $14,890,000 6. The company is involved in joint venture operations. As a result of poor financial conditions, the company recorded a net loss of $15,069,000 from its share of the joint venture operations. III 6. The company is involved in joint venture operations. As a result of poor financial conditions, the company recorded a net loss of $15,069,000 from its share of the joint venture operations 7. From the operations of its associate firms, the company recorded a net gain of $4,287,000 for the financial period ended June 30, 2022. 8. If the company reports a profit during the year, the effective corporate tax rate is 25%. If a loss is reported the effective tax rate is zero. Required: Using the information supplied, prepare a multi-step income statement for Gulf Barges Limited for the accounting period that is consistent with IFRS IAS 1 requirements and recommendation, and as preferred for this course. (Hint: Expenses should be classified by function (e.g., cost of goods sold) not nature. III 8. If the company reports a profit during the year, the effective corporate tax rate is 25%. If a loss is reported the effective tax rate is zero. Required: Using the information supplied, prepare a multi-step income statement for Gulf Barges Limited for the accounting period that is consistent with IFRS IAS 1 requirements and recommendation, and as preferred for this course. (Hint: Expenses should be classified by function (e.g., cost of goods sold) not nature

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