For the fiscal year ending May 31, 2024, the following details are provided for Ocean...
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Accounting
- For the fiscal year ending May 31, 2024, the following details are provided for Ocean Blue Ltd.:
Item | Amount (?) |
Sales | 550,000 |
Cost of Goods Sold | 330,000 |
Administrative Expenses | 38,000 |
Selling Expenses | 32,000 |
Interest Expense | 16,000 |
Income Tax | 19,000 |
Requirements:
- Calculate the gross profit.
- Determine the operating profit.
- Compute the net profit before tax.
- Calculate the net profit after tax.
- Prepare the income statement in a structured table format.
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