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Retained Earnings 1 July 2020 180 Sales revenue from continuing operations for the year 1,200 Finance costs 49

Retained Earnings 1 July 2020 180 Sales revenue from continuing operations for the year 1,200 Finance costs 49

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 3 The following information was obtained from the financial records of Narrowbeach Ltd for the year ended 30 June 2021. Prepare an income statement for the year ended 30 June 2021. Note: An Earnings Before Interest and Tax (EBIT) sub-total must be shown as a separate line item on the income statement. $'000 Retained Earnings 1 July 2020 180 Sales revenue from continuing operations for the year 1,200 Finance costs 49 101 Estimated income tax expense for the year ended 30 June 2021 Interim dividends paid (ordinary shares) 40 Provision for final dividend on ordinary shares 62 Transfer retained earnings to general reserve 12 Goodwill impairment 12 Research and development expenses 8 Share capital (1 million $1 shares) 1,000 General reserve (1 July 2020) 80 Expenses from ordinary activities (excluding finance costs) 500
Transcribed Image Text:Question 3 The following information was obtained from the financial records of Narrowbeach Ltd for the year ended 30 June 2021. Prepare an income statement for the year ended 30 June 2021. Note: An Earnings Before Interest and Tax (EBIT) sub-total must be shown as a separate line item on the income statement. $'000 Retained Earnings 1 July 2020 180 Sales revenue from continuing operations for the year 1,200 Finance costs 49 101 Estimated income tax expense for the year ended 30 June 2021 Interim dividends paid (ordinary shares) 40 Provision for final dividend on ordinary shares 62 Transfer retained earnings to general reserve 12 Goodwill impairment 12 Research and development expenses 8 Share capital (1 million $1 shares) 1,000 General reserve (1 July 2020) 80 Expenses from ordinary activities (excluding finance costs) 500
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