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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2004
NOTE 3: PROFIT FROM ORDINARY ACTIVITIES
| (a) |
Profit from ordinary activities for the Corporation, before tax equivalent payments, has been determined after crediting gains of $2,319 (Loss $483 in 2002-03) from the sale or disposal of fixed assets and charging as an expense the amount of $221,350 ($106,971 in 2002-03) for depreciation on office furniture and equipment, computer systems, leasehold improvements and motor vehicles.
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| (b) |
There is no provision for bad and doubtful debts. No bad debts have been recorded in the current year or previous year.
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| (c) |
The amount expensed from operating leases was $116,720 ($113,913 in 2002-03).
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