THIS SOCI IS WRONG PLEASE PREPARE THE RIGHT ONE
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Additional Information:
- income tax expenses were included in other general expenses for the two years. tax expenses for 2022 were $15,650,000 and 2021 were $11,435,000.
- income tax payable as of 31 December 2022 was included underneath Provisions section and amount was $2,950,000
REQUIRED : THIS SOCI IS WRONG PLEASE PREPARE THE RIGHT ONE
Transcribed Image Text:Income statement
for the year ended 31 December 2022
2022 ($000)
302,400
149,675
152,725
Retail Sales
Cost of Goods Sold
Gross profit
Other Income
Interest Income
Gain on revaluation of Land (net of tax)
Revenue from Discontinued operations
Less: Expenses
Administration Expenses
Selling and Distribution Expenses
Other General expenses
Interest expenses
Expenses for Discontinued operations
Loss on revaluation of Land (net of tax)
Total operating expenses
Profit before tax
11,456
2,500
40,000
86,000
16,000
33,650
9,200
32,500
177,350
29,331
2021 ($000)
258,450
129,900
128,550
9,350
73,300
13,346
27,910
7,800
1,900
124,256
13,644
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