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Question - This is the Trial Balance of Al Capone Distilleries Pty Ltd (ACD) as of 30th June 2020. Sales 925000 Interest revenue 20000 Gain on sale of plant & equipment (PPE) 9000 Cost of goods sold 550000 Financing expenses 16000 Selling and distribution expenses 45000 Administrative expenses 28000 Income tax expense 72000 Other details:
(a) Al Capone recognised a revaluation gain of $18 000 net of tax for available-for-sale investments the business held during 2020.
(b) None of the available-for-sale investments were sold during 2020.
(c) The business uses the single statement format for the income statement and other comprehensive income and classifies expenses by function - not by nature.
Required: You are required to prepare the statement of profit and loss. Also, prepare the other comprehensive income for ACD Pty Ltd, both for the year ended June 30 2020. Please include an analysis of expenses in the correct statement.
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