Reference no: EM132654051

Question - The general ledger of Emerates Traders Ltd includes the following accounts as at 30 June 2018:

$000

Sales Revenue 8,280

Dividend Received 126

Interest Received 65

Cost of Sales 1,105

Selling and Distribution expenses 450

Administration expenses 1,550

Finance costs 16

Valuation loss on trading investments (considered a material item) 250

Income tax expense charged to profit and loss 1,500

Expenses classified by nature include:

Auditors Remuneration:

Audit of accounts 20

Information technology controls advice 5 25

Depreciation expense:

Buildings 120

Plant and Equipment 225 345

Additional Information

The valuation loss on investments held for trading is not tax deductible.

Required - Complete Statement of Comprehensive Income showing expenses classified by function on the face of the Income Statement together with notes to the income statement including the material item. Note that Emerates Traders Ltd discloses material items on the face of the Income Statement.