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Question - The following are extracts from an income statement for the year ended 30th June 2018:
$
Sales revenue
12,000
Cost of sales
6,500
Administrative expenses
2,000
Interest received
50
Interest paid
200
Advertising expenses
550
Taxation (30%)
840
Dividends paid to shareholders
960
Required - What is profit before tax?
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Jerry Tim is examining an important internal control in the audit of Langly Company. In past audits, deviations from this control have been observed.
Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2016 and 2017
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