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

Answer 1

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