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The following information has been extracted from the accounting records of Pluto Ltd for the year ended 30 June 2017:
Sales $1 800 000
Dividends paid 10 000
Cost of sales 1 072 000
Finance costs 40 000
Distribution costs 116 000
Retained earnings (1/7/16) 120 000
Transfer from general reserve 16 000
Marketing costs 54 000
Administrative costs 104 000
Proceeds from sale of plant and machinery 60 000
Carrying amount of plant and machinery 40 000
Land 200 000
Required
Problem 1: Prepare a statement of profit or loss and other comprehensive income for Pluto Ltd, for the year ended 30 June 2017 (classify expenses by function).
Financial Statement Analysis and Preparation
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