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The following information was obtained for Glow Ltd for the year ended 30 June 2019. Prepare a statement of profit and loss account and
The following information was obtained for Glow Ltd for the year ended 30 June 2019. Prepare a statement of profit and loss account and other comprehensive income Other operating expenses $ 400,000 Cost of Goods sold 1,800,000 Gain on sale of machinery 120,000 Income tax expense for the current year 620,000 Net sales revenue 5,000,000 Retained earnings (1/7/19) 240,000 Selling and distribution expenses 500,000 Gain on translation of financial statements 80,000 Note: 1. Write the correct title for profit and loss account in the space provided in the format (top of the format provided) (1 mark) 2. Clearly show what goes in profit and loss account and calculate profit after tax and and then show total comprehensive income (4 marks)
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