Account Name Balance Income tax Expense $ 600,000 Decrease in porperty valulatio

Question

Account Name Balance Income tax Expense $ 600,000 Decrease in porperty valulation 35,000 Current Assets 6,500,000 Cost of Sales 7,500,000 Distribuiton Costs 900,000 Common Shares Issued 895,000 Finance Costs 90,000 Stock Option Compenstation 40,000 Profit before Taxes 1,750,000 Retained Earnings(endof year) 5,000,000 Dividends Paid 150,000 Other Income 40,000 Gross Profit 3,500,000 Share Captial (end of year) 3,395,000 Contributed surplus (beginnning of year) 60,000 Non-Current Liablilities 5,000,000 Change in Currenc yTranslation(income) 40,000 Retained Earnings(beginning of year) 4,000,000 Administrative Expenses 800,000 Total Liabilities 8,000,000 Total Assets 16,500,000

create a statement of income, a statement of comprehensive income, a statement of changes in equity and a statement of financial position

Explanation / Answer

Answer Income Statement Particulars $'000 Revenue              11,000 Cost of Sales              (7,500) Gross Profit                 3,500 Other income                       40 Currancy translation                       40 Distribution Cost                    900 Stock option compensation                       40 Administration                    800 Finance cost                       90 Profit Before Tax                 1,750 Tax                    600 Net income                 1,150 Statement of comprehensive Income $ '000 Net Income 1150 Loss on revaluation 35 Net comprehensive income 1115 Statement of changes in Equity                                    ($ '000) Share Capital Surplus Retained Earnings Total Opening Balance 3395 60 4000 7455 Income 1160 1160 Dividend          (150)          (150) Loss on revaluation                (35) 0            (35) Closing Balance 3395 25 5010 8430 Statement of Financial Position $ '000 Non Current Asset (16500-6500)          10,000 Current asset            6,500 Total Asset          16,500 Shareholders Equity: Share Capital            3,395 Share premium (Bal. fig)                  80 Retained earnings            5,000 Surplus                  25 Non Current Liability            5,000 Current Liability (8000-5000)            3,000 Total Equity and Liabilities          16,500

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.