The directors of Kent Ltd provide you with the following financial information for the period ended 31
Question:
The directors of Kent Ltd provide you with the following financial information for the period ended 31 December 2017: selling expenses $76050; interest expense $29250; legal fees $4875; administrative expense $60450; income tax expense $31 200; cost of sales $370500; ordinary share capital (20000 shares issued) $156000; sales revenue $604500; other revenue $146250; dividends declared (for current period) $15600; retained earnings at beginning $226200.
Required
a. Prepare a statement of profit or loss for Kent Ltd for the period ended 31 December 2017.
b. Determine the closing balance of retained earnings at 31 December 2017.
Step by Step Answer:
Accounting Business Reporting For Decision Making
ISBN: 9780730363415
6th Edition
Authors: Jacqueline Birt, Keryn Chalmers, Suzanne Maloney, Albie Brooks, Judy Oliver