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Question 2 [27 Marks]  Presented below are 11 comprehensive income items from Neutrina Communications Network for the year ended December 31, 2023.  R Sales revenue  2 500 000  Cost of sales  1 200 000  Interest revenue  14 000  Loss from abandonment of plant assets  42 000  Gain from extinguishing of debt  26 000  Selling expenses  288 000  Administrative expenses  191 000  Effect of change in estimated useful lives of fixed assets (included in administrative expenses) 34 000  Loss from flooding    29 000  Required:  Prepare a statement of comprehensive income for Neutrina Communications Network using the information above. Assume a tax rate of 30%.  Show all your workings. (27 marks)

Question 2 [27 Marks]  Presented below are 11 comprehensive income items from Neutrina Communications Network for the year ended December 31, 2023.  R Sales revenue  2 500 000  Cost of sales  1 200 000  Interest revenue  14 000  Loss from abandonment of plant assets  42 000  Gain from extinguishing of debt  26 000  Selling expenses  288 000  Administrative expenses  191 000  Effect of change in estimated useful lives of fixed assets (included in administrative expenses) 34 000  Loss from flooding    29 000  Required:  Prepare a statement of comprehensive income for Neutrina Communications Network using the information above. Assume a tax rate of 30%.  Show all your workings. (27 marks)

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter7: Fixed Assets, Natural Resources, And Intangible Assets
Section: Chapter Questions
Problem 7.3.2MBA
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Question 2 [27 Marks] 

Presented below are 11 comprehensive income items from Neutrina Communications Network for the year ended December 31, 2023. 

R Sales revenue  2 500 000

 Cost of sales  1 200 000 

Interest revenue  14 000 

Loss from abandonment of plant assets  42 000 

Gain from extinguishing of debt  26 000 

Selling expenses  288 000

 Administrative expenses  191 000 

Effect of change in estimated useful lives of fixed assets (included in administrative expenses) 34 000

 Loss from flooding    29 000 

Required: 

Prepare a statement of comprehensive income for Neutrina Communications Network using the information above. Assume a tax rate of 30%. 

Show all your workings. (27 marks)

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