Question
Julie Ltd generated revenues by providing services for the financial year ended 30 June 2020. The following transactions that happened during the year are listed
Julie Ltd generated revenues by providing services for the financial year ended 30 June 2020. The following transactions that happened during the year are listed below. The companys accountants listed Bad Debts as $300,000. Machinery acquired for the year for $750 000. Following company policies, depreciation was recorded as $400 000. Revenue to the tune of $4, 500, 000 was generated for the current financial year. The company entered into a non-cancellable lease agreement to acquire equipment. Expenses on the lease agreement amounted to $50,000 every year. Other expenses listed below: Company workers wages $900 000 Utilities $100 000 Selling & Administrative expenses $600 000 Other expenses $80 000 During the year the company sold, at a non-taxable profit of $2 million, land no longer required for business operations. On 1 January 2017, the company revalued its buildings by $600 000. Dividends paid on 1 April 2017 were $800 000. Income tax expense for the year calculated at 30%. Required Prepare a Statement of Comprehensive Income for the year ended 30 June 2020 in accordance with relevant accounting standards. Include Note(s) and/or disclosure requirements (if any). Show all calculations. Please refer to and acknowledge use of AASB101 & AASB108.
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