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Calculate the amounts to be reflected in the Statement of Comprehensive Income, including Sales, Rent income, Directors fees, Audit fees, and Income tax. Calculate the cost of sales for Accra and Abuj
Accounting
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1.2 Calculate the amounts to be reflected in the Statement of Comprehensive Income
We need to calculate Sales, Rent income, Directors fees, Audit fees, and Income tax.
Sales
Step 1: Calculate the cost of sales for Accra and Abuja.
- Accra:
- Opening stock: 500 units @ R5 400 (R2 700 000 / 500 units)
- Purchases: 500 units @ R7 000 = R3 500 000
- Returns:
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