Please assist with the Following question.

Lime light Ltd recorded the following operational income and expenses for the year ending 30 June 2015:

Revenue (Sales) $382,000

Cost of Sales 142,000

Commission received 20,000

Interest received 8,000

Distribution expenses 35,000

Marketing expenses 20,000

Occupancy expenses 41,000

Administration expenses 53,000

Other expenses 22,000

Finance cost expenses 10,000

 

Additional information:

Share capital at 1 July 2014 was 800,000 ordinary shares of $ 1.00 each, fully paid

The company issued 200,000 ordinary shares on 1 May 2015 at $1.15 each, fully paid

Administration expenses included:

Audit fees: $ 6,000

Fees for taxation services paid to the auditors: $ 4,000

Depreciation of property, plant & equipment: $12,000

Retained earnings balance 1 July 2014 (credit) $122,000

General reserve balance 1 July 2014 $ 10,000

Transferred during the year to general reserve from retained earnings $15,000

Asset Revaluation Reserve balance 1 July 2014 $25,000

The previous valuation of Land and Buildings was $425,000

A revaluation of Land and Buildings on 30 June 2015 by the director $445,000

A fully franked interim dividend of $0.02 (2 cents) per ordinary share was paid on 15 March 2015 for 800,000 ordinary shares

 

The directors declared a proposed final dividend of $0,035 (3.5 cents) per ordinary share, fully franked, on 30 June 2015

 

Income tax expense for the year is $26,000

Franking credits available at the end of the year were $18,225

( a )  Calculate a Statement of Comprehensive Income with both expenses (classified by function) and revenues disclosed on the face of the statement.

Statement of Comprehensive Income for the year ended 30 June 2015

Revenue (sales) ________

  Cost of sales ________

  Gross profit   ________

  Other income   ________

  Distribution expenses   ________

  Marketing expenses   ________

  Occupancy expenses   ________

  Administrative expenses   ________

  Other expenses   ________

  Finance costs   ________

  Profit before income tax   ________

  Income tax expense   ________

  Profit after tax   ________

 Other Comprehensive Income   ________

 Gain on revaluation of property   ________

 Income tax on other comprehensive income   ________

Total other comprehensive income   ________

Total Comprehensive Income   ________

 

( b )    Find a Statement of Changes in Equity disclosing all movements on the statement.

Statement of changes in equity For the year ended 30 June 2015

Reserves Share Capital Total equity

Retained earnings General reserve Asset revaluation reserve

Balance 1/7/2014

Total Comprehensive

Dividends

Transfer to general reserve

Issue of share capital

Balance 30/6/2015

( c )    Explain the following notes to support the income statement and statement of changes in equity:

( i )      Profit for the period

( ii )     Dividends

( iii )    Dividend franking credit