QUESTION 3 Given the following information, prepare financial statement of Muronga & Sons Lid for the financial year ending 31 December 2005. (All figures are in Namibian Dollars (NS). Sales Sales returns Opening inventory Purchases Interest income Closing inventory Advertising Bad debts Bank charges Contract labour Depreciation Wages 1 250 300 30 260 500 000 800 500 652 000 200 000 12 000 10 000 12 500 125 000 50 000 160 000 Insurance Interest expense Maintenance Office expenses Operating supplies Income taxes Permits and licenses Repairs Telephone Fuel SO OXXO 14 40X 20 000 30 000 40 000 32% 20 OXXO 10 000 35 400 55 0 Prepare a statement of comprehensive income for Muronga & Sons Ltd for the year ending 31 December 2005. Clearly show your work to determine components such as: net sales, total income, cost of goods sold, gross profit, total expenses, earnings before interest and taxes (EBIT), net income/loss. (15 MARKS)