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
Cost of Goods sold
Gain on sale of machinery
Income tax expense for the current year
Net sales revenue
Retained earnings (1/7/19)
Selling and distribution expenses
Gain on translation of financial statements
$
400,000
1,800,000
120,000
620,000
5,000,000
240,000
500,000
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)
Expert Answer
