37383940 Service revenue41 Operating expenses:42Salaries expenseSupplies expenseRent expenseInsurance expense46Miscellaneous expense47Depreciation expense48 Total operating expenses49 Operating income50 Other expense:4344455551525354 Net income55Net loss5657Interest expense62Green-All LandscapingIncome StatementFor the Year Ended December 31, 2024$188,00014,60072,0005,40026,4009,600loss")Formula must include =IFUse the IF function to return either cell A54or A55$384,000316,000$68,0002,823$65,1775859 Students: The scratchpad area is for you to do any additional work you need to solve this question or can be use60 Nothing in this area will be graded, but it will be submitted with your assignment.61

An Income statement shows all the income(s) earned by an organization. There are a number of ways to…

Answered: 4 Net income 5 Net loss 6 67 Formula…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Statement of Profit and Loss and Other Comprehensive Income for the years ended 31 December 2024 2023 R'000 R'000 Turnover 1287052 934052 Operating Profit 137342 81768 Net Finance Cost 39264 20862 Operating Profit before taxation 98078 60906 Income tax expense 7027 3048 Profit for the Year 91051 57858 3502 2237 Operating profit includes Depreciation and loss on sale of fixed asset 5/12 Required: a) Prepare the cash flows from operating activities for the company for 2024 using the available information (10 Marks) b) Perform a financial review of the company based on calculating the following financial ratios and explain how it may be interpreted. Debt equity ratio Times interest earned Current ratio Debtors average collection period Inventory turnover Your answer should include an overall assessment of the company (25 Marks) c) List the audit steps to verify the existence of inventory (10 Marks)
INCOME STATEMENT Year ended June 30 2022 2021 $'000 $'000Revenue 22450 18675Cost of sales 8475 8055Gross Profit 13975 10620Distribution costs 4245 3120Administrative expenses 1276 2134Selling expenses…
Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).
Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Balance Sheets for 2020 & 2021.
Calculate the asset efficiency - receivables, inventory, fixed asset and total asset turnover ratios
Consider the information for AGL provided in the two tables below and answer the following questions. (Note: numbers in red are negative) Balance Sheet $'m cash Receivables Inventory Other assets Total Current Assets Inventory Financial Assets & Investments Plant Intangibles Other assets Total Non-Current Assets Total Assets Trade payables Borrowings Other liabilities Total Current Liabilities Debt Other liabilities Total non-current liabilities Total Liabilities Net Assets Issued Capital Reserves Retained earnings Total Equity 2021 88 1,889 418 1,280 3,675 46 950 6,283 3,302 1,194 11,775 15,450 1,838 305 832 2,975 2,880 4,089 6,969 9,944 5,506 5,601 20 (115) 5,506 2020 141 1,571 400 1,010 3,122 59 688 6,640 3,638 460 11,485 14,607 1,351 38 999 2,388 3,070 1,177 4,247 6,635 7,972 5,603 (80) 2,449 7,972
Revenue 11,600,000ExpensesSalaries & Wages 7,600,000Employer NIS Contribution 1,400,000Rent and Rates 2.400,000Interest 500,000Maintenance 120,000Depreciation 550,000Loss on Disposal of Vehicle 80,000Telephone 235,000Electricity 255,000General Expenses 700,000Donations 85,000Provision for Bad Debts 80,000Fines and Penalties 115,000Drawings 105,000 14,225,000Net Loss2,625,000 Notes to the Income Statement1. $55,000 of the drawings relate to Mrs. Shine and $50,000 to Mr. Rain2. Gross Salary for Mrs. Shine was $250,000 per month, and $200,000 for Mr. Rain. Bothpartners worked in the business during the year.3. The annual allowance was $450,000.4. The partners agreed to dispose of an old pick-up truck with a net book value of $350,000for $400,000. The pick-up had a tax written down value of $300,000.5. Donations of $60,000 were made to a local political party to fund its campaign. Theremainder was donated to an approved local children’s home.6. The partners could not determine if all…
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Orbit Limited : Statement of Financial Position as at 31 December 2022 2021 Non-current Assets R11 810 000 R7 560 000 Property, Plant, Equipment R10 025 000 R6 250 000 Investments R1 785 000 R1 310 000 Current Assets R4 190 000 R4 690 000 Inventories R 1 875 000 R2 350 000 Account Receivable R1 925 000 R2 200 000 Cash R390 000 R140 000 Toatal Assets R16 000 000 R12 250 000 Equities & Liabilities Equity ? ? Oridanary share capital R5 480 000 R3 680 000 Retained earnings ? ? Non-current Liabilities R4 500 000 R3 800 000 Loan (20% p.a) R4 500 000 R3 800 000 Current Liabilities R2 300 000 R1 500 000 Accounts payable? R2 300 000 R1 500 000 Calculate the increase in the retained earnings over the two-year period.
Current Asset Current Liabilities COGS Inventory Total Liabilities Total Assets Net Sales Operating Income Gross Profit EBIT EBT Cash Flow Operation Retained Earning Owner's Equity 2018 80,073,836 26,882,064 51,678,144 14,854,944 80,133,248 124,776,768 160,099,728 75,249,200 108,421,584 56,436,900 45,149,520 49,716,192 28,967,893 44,643,520 2017 54,919,520 13,083,840 35,379,840 9,575,808 64,875,200 100,945,824 98,157,888 32,775,808 62,778,048 24,581,856 19,665,485 26,781,248 29,361,440 36,070,624
Perform a solvency analysis for the two quotas
2019 (Rs. In Thousands) 2020 Assets Freehold Property at Cost 66 48 Plant and machinery (cost less depreciation) 41.6 121 Inventories 60.7 65.7 Sundry Debtors 40.2 49.5 Cash and bank 18.5 33.6 Preliminary Expenses 2.4 1.2 229.4 319 Liabilities Issued Share capital 120 150 Share Premium Account - 10 Capital Reserve - 34 Profit and Loss Account 43 42.4 Sundry Creditors 54.4 65.2 Proposed Dividends 12 17 229.4 319 There is no sale for plant and machinery in year 2020. Depreciation written off during year 2020 was Rs. 15000. Net Profit for the year was Rs. 16,400. dividend paid during 2020 in respect of previous year was Rs. 12,000 . Capital reserve represented a profit on sale of freehold premises. You need to prepare: (i) a Statement showing Changes of Working Capital during 2020; and (ii) A Funds Flow Statement for the same period.

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4 Net income 5 Net loss 6 67 Formula must include = IF Use the IF function to return either cell A54 or A55