User Account

All Pages

Prepare the statement of profit and loss

Assignment Help Accounting Basics
Reference no: EM132641313

Question - This is the Trial Balance of Al Capone Distilleries Pty Ltd (ACD) as of 30th June 2020. Sales 925000 Interest revenue 20000 Gain on sale of plant & equipment (PPE) 9000 Cost of goods sold 550000 Financing expenses 16000 Selling and distribution expenses 45000 Administrative expenses 28000 Income tax expense 72000 Other details: (a) Al Capone recognised a revaluation gain of $18 000 net of tax for available-for-sale investments the business held during 2020. (b) None of the available-for-sale investments were sold during 2020. (c) The business uses the single statement format for the income statement and other comprehensive income and classifies expenses by function - not by nature.

Required - You are required to prepare the statement of profit and loss. Also, prepare the other comprehensive income for ACD Pty Ltd, both for the year ended June 30 2020. Please include an analysis of expenses in the correct statement.

Reference no: EM132641313

Questions Cloud

How did the hacker get into the network : You are hired by JLA Enterprise to conduct a Forensic Examination after a network intrusion occurs at their corporate office. Your job is to determine.
Extreme by design episode-a real world challenge : What problem was the team presented with in this episode? What problem might they have thought they should solve if they hadn't listened carefully?
What are inventories and the related accounts payables : After reviewing the assets sales, impairments, and restructuring activities, what conclusions can be drawn about the Estee Lauder Companies?
Identify events that led to the creation of the document : Identify events that led to the creation of the document. Explain the need that was felt by the founders used to justify why it was written as it was.
Prepare the statement of profit and loss : Sales 925000 Interest revenue 20000 Gain on sale of plant & equipment (PPE) 9000 Cost of goods sold 550000. prepare the statement of profit and loss
What is the purpose of the exhaust pipes : What happens when you release the manually operated direction control valve while the cylinder is extending or retracting?
What basis is there in the law to consider gender : In a time when most of society sees women achieving equal status and treatment as men in many areas, why does society (justice system, media, communities).
Discuss the difference between ssuf and sssf processes : Discuss the difference(s) between SSUF and SSSF processes. Use examples as appropriate.
Prepare the statement of retained earnings for durham design : Prepare the statement of retained earnings for Durham Design Studio for the year ending December 31?, 2018. The? asset, liabilities of Durham Design

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd