Statement of Comprehensive Income and Statement of Financial Position for Taurus Limited
What is the financial performance of Taurus Limited for the year ended 28 February 2023 based on the provided data?
The financial performance of Taurus Limited for the year ended 28 February 2023 can be determined by preparing the Statement of Comprehensive Income. The statement shows that the company had sales revenue of R 882,380, with a gross profit of R 553,380 after deducting the cost of sales. Operating expenses, including salaries, rent, director's fees, audit fees, utilities, bank charges, insurance, interest on the mortgage loan, and depreciation, amounted to R 446,000. As a result, the company generated a net profit before tax of R 107,380. After deducting the income tax expense of R 26,880, the net profit after tax was R 80,500. Additionally, sales returns, commission income, and bank charges were factored into the calculation, resulting in a net income of R 68,260.
Statement of Comprehensive Income
- Sales: Generated revenue of R 882,380
- Cost of sales: Deducted R 329,000 from the sales revenue
- Gross Profit: Calculated as R 553,380
- Operating Expenses: Total of R 446,000 including various expenses such as salaries, rent, fees, utilities, insurance, and depreciation
- Net Profit before Tax: Amounted to R 107,380
- Net Profit after Tax: After deducting income tax expense, the net profit was R 80,500
- Net Income: Adjusted to R 68,260 after considering sales returns, commission income, and bank charges