Mackay Ltd reported sales revenue of $16 million
Mackay Ltd reported sales revenue of $16 million for the year ended 30 June 2017. In preparing the financial statements the following matters were considered: (a) Income tax expense for the year ended 30 June 2017 was $218 640. (b) Financial restructuring has resulted in the disposal of land, bought in 2006 for future expansion, for a profit of $200 000. (c) A dividend of $26 000 has been received from a subsidiary company. (d) Other expenses incurred: Interest $480,000 Wages and salaries 5,492,000 Selling expenses 2,500,000 Administration expenses 100,000 Bad debts 200,000 Other expenses 440,667 Electricity/water 480,000 Cost of sales 5,000,000 (e) On 10 October 2016, plant with a carrying amount of $320 000 was destroyed by an…
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