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Account Name Balance Income tax Expense $ 600,000 Decrease in porperty valulation 35,000 Current Assets 6,500,000...

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

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Expert Solution

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

ekkarill92 answered 1 year ago
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