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)
Financial Reporting, Financial Statement Analysis and Valuation
8th Edition
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Chapter8: Investing Activities
Section: Chapter Questions
Problem 1.3AIC: Estimate the average total estimated useful life of depreciable property, plant, and equipment....
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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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