The following extracts are from the statements of profit or loss by Snow Co's and its...

The following extracts are from the statements of profit or loss by Snow Co's and its subsidiary Ice Co for the year ended 31 December 2018.

	Snow Co	Ice Co
	€	€
Revenue	600,000	300,000
Cost of sales	(400,000)	(200,000)
Gross profit	200,000	100,000

During the year Snow Co sold goods to Ice Co for €20,000, making a profit of €5,000.

Fill in the blanks in the sentences below referring to the consolidated statement of profit or loss of Snow Co group for the year ended 31 December 2018 by writing the appropriate amounts in the answer boxes:

1. If all of these goods were sold by Ice Co before the year end, the total revenue would be €

2. If all of these goods were sold by Ice Co before the year end, the gross profit would be €

3. If all of these goods were still in the inventory held by Ice Co as at 31 December 2018, the cost of sales would be € and the gross profit would be €

4. If half of these goods were sold by Ice Co before the year end, the unrealised profit would be €

Expert Solution

ekkarill92 answered 1 year ago

QUESTION 1 [25] The following are extracts from the financial statements of ABC Ltd for the...

QUESTION 1 [25] The following are extracts from the financial statements of ABC Ltd for the year ended 31 December 2019: ABC Ltd Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2019 Revenue 280 842 Cost of Sales (100 000) Gross Profit 180 842 Interest received 4 528 Dividends received on listed investments 6 680 Profit on disposal of property, plant & equipment 560 Administration expenses (64 730) Depreciation of property, plant &...

The Following are extracts from the financial statements of Wewe Ltd. As at 31st March: 2018...

The Following are extracts from the financial statements of Wewe Ltd. As at 31st March: 2018 2017 Shs ‘000’ Shs ‘000’ Shs ‘000’ Shs ‘000’ Fixed assets: 2,800 2,900 Goodwill 16,800 12,000 Freehold Land & building 5,860 6,350 Plant & Machinery (NBV) 3,600 3,750 Investment at cost 29,060 25,000 Current Assets: 10,050 8,700 Stock 6,140 7,800 Accounts receivable 1,710 840 Investment 200 430 Cash at hand & bank 18,100 17,770 Current Liabilities: (2,390) (6,540) Bank overdraft (5,850) (5,250) Account Payable...

The following condensed statements of profit or loss of the Jackson Holding Company are presented for...

The following condensed statements of profit or loss of the Jackson Holding Company are presented for the two years ended December 31, 2023 and 2022: 2023 2022 Sales $ 15,000,000 $ 9,600,000 Cost of goods sold 9,200,000 6,000,000 Gross profit 5,800,000 3,600,000 Operating expenses 3,200,000 2,600,000 Operating profit 2,600,000 1,000,000 Gain on sale of division 600,000 — 3,200,000 1,000,000 Income tax expense 1,280,000 400,000 Net profit $ 1,920,000 $ 600,000 On October 15, 2023, Jackson entered into a tentative agreement...

PKM Ltd is a private company in Ghana and extracts from its most recent financial statements...

PKM Ltd is a private company in Ghana and extracts from its most recent financial statements are provided below: Statement of profit or loss for the year ended 31 March 2017 2018 GH¢ GH¢ Sales 50,000 36,000 Cost of sales (30,000) (24,000) 20,000 12,000 Profit from sale of division - 1,000 Distribution costs (5,300) (3,500) Finance costs (2,900) (4,800) Administrative costs (800) (400) 11,000 4,300 Income tax expense (3,300) (1,300) Profit after tax and for the year 7,700 3,000 Statement...

Its gross profit(loss) equals

A company has sales of $7,22,200 and cost of goods sold of $2,89,200.Its gross profit (loss) equals (a) $1,011,240 (b) $2,89,200 (c) $7,22,200 (d) $4,33,000

You need to describe these financial statements. The statements are the profit and loss statement, statement...

You need to describe these financial statements. The statements are the profit and loss statement, statement if retained earnings, banalce sheet and the cash flow statement. For each of these reports describe what they are, what is involved in their preparation and how they are dealt with in preparing the financial reports. 800 words

Given below are the Statements of Financial Position and the Statement of Profit or Loss for...

Given below are the Statements of Financial Position and the Statement of Profit or Loss for BA107 Trading Bhd: 2020 (RM) Sales 505,000 Cost of sales (105,000) Gross profit 400,000 Expenses (252,000) Profit before tax 148,000 Taxation (40,000) Profit after tax 108,000 2020 2019 (RM) (RM) Property, plant and equipment 355,000 300,000 Trade receivables 80,000 75,000 Inventory 145,000 120,000 Bank balance 24,500 15,000 604,500 510,000 Ordinary share capital 250,000 250,000 Retained profits 222,500 140,000 472,500 390,000 Other payables 87,000...

Google improved its operations from a net loss in 2015 to a net profit in 2016....

Google improved its operations from a net loss in 2015 to a net profit in 2016. While happy about these developments, they are concerned with trying to understand how long the firm takes to complete its cash conversion cycle in 2016. Use the following financial statements to make your calculations. Balance sheet items should reflect the averages of the 2015 and 2016 accounts. Google products PRODUCTS COMPANY INCOME STATEMENT 2015 2016 Net sales $900,000 $1,500,000 Cost of goods sold 540,000...

Coaltown is a wholesaler and retailer of office furniture. Extracts from the company’s financial statements are...

Coaltown is a wholesaler and retailer of office furniture. Extracts from the company’s financial statements are set out below: Statements of comprehensive income for the year ended: 31 March 2009 31 March 2008 Revenue Cost of sales – cash – credit $’000 12,800 53,000 ––––––– (380) (220) –––––– $’000 65,800 (43,800) ––––––– 22,000 (11,200) $’000 26,500 28,500 ––––––– $’000 55,000 (33,000) ––––––– 22,000 (6,920) (180) ––––––– 14,900 (4,400) ––––––– 10,500 1,200 ––––––– 11,700 ––––––– $’000 Total 26,800 12,900 12,000 (4,000)...

Using the following information ... to forecast the incremental expected Profit or Loss from the new...

Using the following information ... to forecast the incremental expected Profit or Loss from the new clinic. Generic Hospital is contemplating the opening of a clinic in an underserved rural community. The marketing people project 5,000 office visits in year one with an average charge of $100 per clinic visit. The consensus is that half of the visits will be Medicare patients with an average payment of $50 per visit. Thirty percent (30%) of the visits are expected to be...

Question