Provided with the information for FAB Plastics Pty Ltd recording their operational income and expenses for the year ending 30 June 2022.

Table 8 Income and expenses

Ending 30 June 2022	$000
Revenue (sales)	112,500
Cost of sales	52,500
Interest received from investments	2,750
Profit on sale of equipment	2,500
Distribution expenses	4,000
Marketing expenses	7,000
Occupancy expenses	8,500
Administration expenses	11,125
Other expenses	7,500
Finance cost expenses	5,250

Additional information:

• income tax rate is 25%
• administration expenses include:
• payment to company auditors of $3,125,000 of which $1,200,000 was for non-audit related services
• depreciation of Plant and Equipment of $195,000
• employee renumeration $4,700,000
• management fee paid to Peter Lee Pty Ltd (100% owned subsidiary) of $105,000.
• finance cost include $1,250,000 paid to AB Finance Company, A partner of AB Finance is a director of FAB Plastics
• share capital at 1 July 2021 was 1,000,000 ordinary shares of $1.00 each fully paid
• company issued additional 500,000 ordinary shares on 31 March 2022 at $1.10 each fully paid
• the directors adopted a revaluation of land and buildings on 30 June 2022. The previous valuation of land and buildings was $850,000. The new valuation is $925,000
• a fully franked interim dividend of $0.01 per ordinary share was paid on 28 February 2202
• the directors declared a proposed final dividend of $0.03 per ordinary share, fully franked, on 30 June 2022
• franking credits available at the end of the year were $81,000.

To complete this part of the assessment you are required to:

2. prepare a Statement of Comprehensive Income with expenses (classified by function) to comply with AASB 101
4. include the following notes to the financial statements to support the income statement:

• profit for the period
• dividends
• dividend franking credit.

All answers are to be completed in the Excel workbook

FAB Plastics Pty Ltd
Statement of Comprehensive Income
For the year ended 30 June 2022
		Note	$'000
Sale of goods		1
Cost of Goods Sold
Gross Profit
Other Income		1
Distribution Costs
Marketing Costs
Occupancy Costs
Administration Costs		2
Finance Costs
Profit before income tax
Income tax expense
Profit after tax
Other Comprehensive income		3
Total other comprehensive income
Total comprehensive income
Notes to the financial statements (extract)
For the financial year ended 30 June 2022
			$'000
1. Revenue
2. Expenses
Related parties
3. Other Comprehensive income
4. Dividends paid and proposed