The accountant for Bert’s Office Supplies has had to take extended sick leave Before he left he had one outstanding task, to prepare the ‘statement of financial performance’ You have been called in as a contract accountant to help Bert Office Supplies create this financial statement The information below has been given to you by the Managing Director, who says this what you need to prepare the ‘statement of financial performance’ All balances are for the current year (ended 30 June 2010):
Sales revenue 1,235,650
Gross Profit 655,366
Marketing expenses 15,650
Depreciation expenses 10,500
Accrued expenses 55,500
Staff salaries 356,138
Accounts payable 89,599
Tax expense 17,115
Entertainment expenses 35,600
Interest expense 56,980
Administration expenses 18,550
A scrap of paper has also been found which contains a list of adjustments required in order to finalise the ‘statement of financial performance’ for the year ended 30 June 2010:
(i) Make detailed ‘statement of financial performance’ (‘income statement’) in the template below, using the above financial information and making any relevant adjustments (there are 14 lines and 4th line must be gross margin and last line is net profit after tax)
(ii) Calculate the gross margin percentage
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