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Athens corporation Income statement Essay

Athens corporation

Income statement

For the period ended 31.12.2003

                                                           $‘000’                                     $‘000’

SALES                                                                                             2000

COST OF SALES (55% x2000)                                                      (1100)

GROSS PROFIT                                                                                 900

LESS:    EXPENSES
DEPRECIATION (10% 1250)                                                        (125)

INTEREST (9% 120) + (11% X 300)                                              (43.8)

SELLING & ADMINISTRATIVE EXPENSES                           (200)

NET PROFIT BEFORE TAX                                                         531.2

TAXATION (40% X 531.2)                                                            (211.5)

NET PROFIT AFTER TAX                                                            318.7

ACTUAL NET PROFIT AFTER TAX $ (318.7 X 1000)

= $ 318,700

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