The auditors Foster \& Thompson completed their audit for the financial year ended October 31,2022 and issued an unqualified audit report on January 20, 2023. The auditors are willing to continue in office for the financial year ending october 31 , 2023. The registered office of the company is located at 00 Harbour Street, Kingston, Jamaica. The annual general meeting of the company is scheduled for Monday, March 27, 2023, at 10:30 a.m. at Pegasus Hotel, 81 Knutsford Boulevard, Kingston 5, Jamaica. The notice for the annual general meeting was sent to the shareholders by the Company Secretary, Melissa williams on February 27,2023 . (A) Audit fees for the financial year ended October 31, 2022 are estimated at \$250,000. Under provision of audit fees for the prior year amounted to \$15,000. Audit fees are not yet reflected in the accounts. (B) The Directors on December 2, 2022, approved a dividend of $0.20 per share in respect of the financial year ended October 31, 2022. The dividend is payable on December 19, 2022. The dividend is not yet reflected in the accounts. (C) Each year on October 31, \$200,000 (principal) is payable in respect of the debenture loans until the debentures are repaid. The amount due for october 31, 2022, was paid on that date and the amount due for october 31,2021 was paid on time. The interest on the debenture loans is payable on a quarterly basis, on January 31, April 30, July 31, and October 31. The interest for the quarter ended October 31 , 2022, was not paid until November 3, 2022 . No accrual was made at the year end for the october 31, 2022, outstanding interest. The interest for the October 31, 2021 , quarter was paid on November 4, 2021 , and is included in the interest expense account for the current year. The interest for the october 31 , 2021, quarter was properly accrued in the prior year accounts. The debentures are unsecured. Interest is calculated on the reducing balance basis.l (D) The income tax rate is 25\%, and the corporation tax rate is 331/38. (E) The foreign exchange bank account is kept at JMMB, the salaries bank account is kept at National Commercial Bank and the general bank account is kept at Bank of Nova Scotia. (F) Round all calculations to the nearest $1,000. (G) The interest income and the dividend income were received net of income tax. Only the net amounts received were reflected in the accounts. (H) The allowance for bad debt is a specific allowance. (I) The minutes of the last board meeting on January 27, 2023, indicated that the board had unanimously agreed to increase the authorized share capital of the company from 10,000,000 ordinary shares to 20,000,000 ordinary shares. The increase is necessary because the company intends to have a 2 to 1 rights issue in June 2023. The additional ordinary shares will rank pari passu (equally) with the existing ordinary shares of the company. (J) The corporation tax for the current year is estimated at $5,664,000 by the tax accountant, after all adjustments were made. The corporation tax is not yet reflected in the accounts. (K) Corporation tax under provision for the year ended october 31, 2021, amounted to \$5,000. The information about the under provision was not received until october 2022. The under provision is not yet reflected in the accounts. (L) Transactions in foreign currencies have been converted at the rates of exchange ruling at the dates of those transactions and foreign currency bank balances have been translated at the rates of exchange ruling on that date. Unadjusted trial balance on October 31, 2022 Balancebroughtforward4102Creditpurchasesa/c4201Salaries&wagesa/c4202Insurancea/c4203Utilitiesa/c4204Rentexpensea/c4205Bankchargesa/c4206Localtravellinga/c4207Interestexpensea/c4208Discountalloweda/c4209Depreciationa/c4210Directorsemolumentsa/c4211Leasefinancechargesa/c4212Donationsa/c4213Shorttermleasea/c(furniture)4214Staffbenefitsa/c4215Stationery&officesuppliesa/c4306Ordinarydividenda/c37,7021097371836032224095917039901,760120204200246 Account number 3101 is the cash sales account for computers, printers, computer parts, and computer software. Account number 3104 is the sales returns account for computers, printers, computer parts, and computer software. Other relevant accounts are: Account#210321042105210723033206421642174218NameofAccountCorporationtaxpayableaccountProvisionaccountOrdinarydividendpayableaccountOtherpayablesaccountFairvaluereserveaccountOtherincomeaccountAuditfeesaccountTaxationaccountCorporationtaxunderprovisionaccount The auditors Foster \& Thompson completed their audit for the financial year ended October 31,2022 and issued an unqualified audit report on January 20, 2023. The auditors are willing to continue in office for the financial year ending october 31 , 2023. The registered office of the company is located at 00 Harbour Street, Kingston, Jamaica. The annual general meeting of the company is scheduled for Monday, March 27, 2023, at 10:30 a.m. at Pegasus Hotel, 81 Knutsford Boulevard, Kingston 5, Jamaica. The notice for the annual general meeting was sent to the shareholders by the Company Secretary, Melissa williams on February 27,2023 . (A) Audit fees for the financial year ended October 31, 2022 are estimated at \$250,000. Under provision of audit fees for the prior year amounted to \$15,000. Audit fees are not yet reflected in the accounts. (B) The Directors on December 2, 2022, approved a dividend of $0.20 per share in respect of the financial year ended October 31, 2022. The dividend is payable on December 19, 2022. The dividend is not yet reflected in the accounts. (C) Each year on October 31, \$200,000 (principal) is payable in respect of the debenture loans until the debentures are repaid. The amount due for october 31, 2022, was paid on that date and the amount due for october 31,2021 was paid on time. The interest on the debenture loans is payable on a quarterly basis, on January 31, April 30, July 31, and October 31. The interest for the quarter ended October 31 , 2022, was not paid until November 3, 2022 . No accrual was made at the year end for the october 31, 2022, outstanding interest. The interest for the October 31, 2021 , quarter was paid on November 4, 2021 , and is included in the interest expense account for the current year. The interest for the october 31 , 2021, quarter was properly accrued in the prior year accounts. The debentures are unsecured. Interest is calculated on the reducing balance basis.l (D) The income tax rate is 25\%, and the corporation tax rate is 331/38. (E) The foreign exchange bank account is kept at JMMB, the salaries bank account is kept at National Commercial Bank and the general bank account is kept at Bank of Nova Scotia. (F) Round all calculations to the nearest $1,000. (G) The interest income and the dividend income were received net of income tax. Only the net amounts received were reflected in the accounts. (H) The allowance for bad debt is a specific allowance. (I) The minutes of the last board meeting on January 27, 2023, indicated that the board had unanimously agreed to increase the authorized share capital of the company from 10,000,000 ordinary shares to 20,000,000 ordinary shares. The increase is necessary because the company intends to have a 2 to 1 rights issue in June 2023. The additional ordinary shares will rank pari passu (equally) with the existing ordinary shares of the company. (J) The corporation tax for the current year is estimated at $5,664,000 by the tax accountant, after all adjustments were made. The corporation tax is not yet reflected in the accounts. (K) Corporation tax under provision for the year ended october 31, 2021, amounted to \$5,000. The information about the under provision was not received until october 2022. The under provision is not yet reflected in the accounts. (L) Transactions in foreign currencies have been converted at the rates of exchange ruling at the dates of those transactions and foreign currency bank balances have been translated at the rates of exchange ruling on that date. Unadjusted trial balance on October 31, 2022 Balancebroughtforward4102Creditpurchasesa/c4201Salaries&wagesa/c4202Insurancea/c4203Utilitiesa/c4204Rentexpensea/c4205Bankchargesa/c4206Localtravellinga/c4207Interestexpensea/c4208Discountalloweda/c4209Depreciationa/c4210Directorsemolumentsa/c4211Leasefinancechargesa/c4212Donationsa/c4213Shorttermleasea/c(furniture)4214Staffbenefitsa/c4215Stationery&officesuppliesa/c4306Ordinarydividenda/c37,7021097371836032224095917039901,760120204200246 Account number 3101 is the cash sales account for computers, printers, computer parts, and computer software. Account number 3104 is the sales returns account for computers, printers, computer parts, and computer software. Other relevant accounts are: Account#210321042105210723033206421642174218NameofAccountCorporationtaxpayableaccountProvisionaccountOrdinarydividendpayableaccountOtherpayablesaccountFairvaluereserveaccountOtherincomeaccountAuditfeesaccountTaxationaccountCorporationtaxunderprovisionaccount