The following information relates to Nevertire Ltd. Profit before income tax for the year ended 30 June

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The following information relates to Nevertire Ltd. Profit before income tax for the year ended 30 June 2016 was $220 000. The following items were used in determining that profit:

Sales

Cost of sales

Selling, administrative and finance expenses

Loss from flood

Interest revenue

Bad debts

Development costs written off

$540000

234000

72000

14000

18000

36000

22000

Assume the company’s taxation rate is 30c in the dollar.

Required

Prepare the income statement for the year ended 30 June 2016.

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Accounting

ISBN: 978-1118608227

9th edition

Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett

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Question Posted: Jun 24, 2019 11:39 AM

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The following information relates to Nevertire Ltd. Profit before income tax for the year ended 30 June

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NEVERTIRE LTD Income Statement for the year ended 30 June 2016 INCOME Sales 580 000 Co...View the full answer

Accounting

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