Presented below is information related to Tao Corp. for the year 2015 (amounts in thousands). Net sales
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Presented below is information related to Tao Corp. for the year 2015 (amounts in thousands).
Net sales HK$1,200,000
Write-off of inventory due to obsolescence HK$ 80,000
Cost of goods sold 780,000
Selling expenses65,000
Interest expense 50,000
Administrative expenses 48,000
Cash dividends declared 45,000
Dividend revenue 20,000
Retained earnings at December 31, 2014 980,000
Interest revenue 7,000
Effective tax rate of 34% on all items Instructions
(a) Prepare an income statement for 2015. Assume that 60,000 ordinary shares are outstanding.
(b) Prepare a retained earnings statement for2015.
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