N
Sales revenue 1,013,000
Cost of sales (W2) (647,929)
––––––––
Gross profit 365,071
Distribution costs (W2) (224,271)
Administrative expenses (W2) (67,920)
Profit from operations 72,880
Interest receivable 910
Finance cost $(1,800 + 1,310 + 3,360) (6,470)
––––––––
Profit before tax 67,320
Income tax expense (W1) (32,870)
––––––––
Profit for
the year 34,450
––––––––
Slalometer Other comprehensive income for the
year
ended 31 March 20X4
N
Profit for the year 34,450
Other comprehensive income
Gain on property revaluation 200
Income tax relating to components of other
Comprehensive
income
(60)
–––––
Other comprehensive income for the year, net of
tax 140
–––––
Total comprehensive income for the year 34,590
–––––
Workings
(W1) Taxation N
Income tax at 25% 32,000
Tax under provided
in previous year 870
––––––––
32,870
––––––––
(W2) Classification of expenses
Note:
Cost
of Distribution Administrative
sales
costs expenses
N N N
Expenses per note (b)
Distribution costs 152,571
Raw materials 366,238
Manufacturing overheads 159,302
Staff costs 98,789 56,400
Directors 12,300 15,300 63,500
Depreciation (4,000 + 7,300)11,300
Office rent 2,300
Audit 1,500
Legal and accountancy 620
–––––––– –––––––– ––––––––
647,929 224,271
67,920
––––––––
–––––––– ––––––––
• Ordinary dividends declared/paid in the year
are included in the
statement of changes in equity, not the income
statement or
statement of comprehensive income.
• Dividends on redeemable preference shares are
always treated as
a finance cost.
here are the answers as promised, how did you fair
here are the answers as promised, how did you fair
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