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Assets Statement of Financial Position for the year ended 30 June 2024 Inventory Property, Plant & Equipment (Net). Accounts Receivable Cash and cash equivalents Intangible assets Other receivables 2024 (5000) 2023 (5000) 72,300 70,930 58,540 45,900 35,680 32,845 12,650 16,250 2,765 2,765 4,200 2,200 186,135 170,890 Total assets Liabilities Trade and other payables 72,305 57,900 Long term loan (Payable in 2028) 15,400 18,790 Taxation Payable 3,100 Provisions 10,800 6,700 Total liabilities 98,505 86,490 Net assets 87,630 84,400 Shareholders' equity Share Capital Reserves Retained eamings Total shareholders' equity 75,000 70,600 4,400 1,900 8,230 11,900 87,630 84,400 Retail Sales Cost of Goods Sold Gross profit Other Income Interest Income Income statement. for the year ended 30 June 2024 2024 (5000) 2023 (5000) 302,400 258,450 149,675 129,900 152,725 128,550 11,455 9,350 Gain on revaluation of Land (net of tax) 2,500 Revenue from Discontinued operations 40,000 Less: Expenses Administration Expenses 86,000 73,300 Selling and Distribution Expenses 27,500 13,346 Other General expenses 33,650 27,910 Interest expenses 9,200 7,800 Expenses for Discontinued operations 32,500 Loss on revaluation of Land (net of tax) 1,900 Total operating expenses 188,850 124,256 Profit before tax 17,830 13,644 You have been provided with the following additional information: 1) Gain and loss on revaluation of land, that are shown in the Income statement, have been transferred to Land Revaluation Reserve account. 2) Income tax expenses were included under other general expenses for the two years. The tax expenses for 2024 and 2023 were $13,650,000 and $11,435,000, respectively. 3) Income tax payable as of 30 June 2024 was included under Provisions and the amount was $3,250,000.

Assets Statement of Financial Position for the year ended 30 June 2024 Inventory Property, Plant & Equipment (Net). Accounts Receivable Cash and cash equivalents Intangible assets Other receivables 2024 (5000) 2023 (5000) 72,300 70,930 58,540 45,900 35,680 32,845 12,650 16,250 2,765 2,765 4,200 2,200 186,135 170,890 Total assets Liabilities Trade and other payables 72,305 57,900 Long term loan (Payable in 2028) 15,400 18,790 Taxation Payable 3,100 Provisions 10,800 6,700 Total liabilities 98,505 86,490 Net assets 87,630 84,400 Shareholders' equity Share Capital Reserves Retained eamings Total shareholders' equity 75,000 70,600 4,400 1,900 8,230 11,900 87,630 84,400 Retail Sales Cost of Goods Sold Gross profit Other Income Interest Income Income statement. for the year ended 30 June 2024 2024 (5000) 2023 (5000) 302,400 258,450 149,675 129,900 152,725 128,550 11,455 9,350 Gain on revaluation of Land (net of tax) 2,500 Revenue from Discontinued operations 40,000 Less: Expenses Administration Expenses 86,000 73,300 Selling and Distribution Expenses 27,500 13,346 Other General expenses 33,650 27,910 Interest expenses 9,200 7,800 Expenses for Discontinued operations 32,500 Loss on revaluation of Land (net of tax) 1,900 Total operating expenses 188,850 124,256 Profit before tax 17,830 13,644 You have been provided with the following additional information: 1) Gain and loss on revaluation of land, that are shown in the Income statement, have been transferred to Land Revaluation Reserve account. 2) Income tax expenses were included under other general expenses for the two years. The tax expenses for 2024 and 2023 were $13,650,000 and $11,435,000, respectively. 3) Income tax payable as of 30 June 2024 was included under Provisions and the amount was $3,250,000.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 10MC
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Assets Statement of Financial Position for the year ended 30 June 2024 Inventory Property, Plant & Equipment (Net). Accounts Receivable Cash and cash equivalents Intangible assets Other receivables 2024 (5000) 2023 (5000) 72,300 70,930 58,540 45,900 35,680 32,845 12,650 16,250 2,765 2,765 4,200 2,200 186,135 170,890 Total assets Liabilities Trade and other payables 72,305 57,900 Long term loan (Payable in 2028) 15,400 18,790 Taxation Payable 3,100 Provisions 10,800 6,700 Total liabilities 98,505 86,490 Net assets 87,630 84,400 Shareholders' equity Share Capital Reserves Retained eamings Total shareholders' equity 75,000 70,600 4,400 1,900 8,230 11,900 87,630 84,400 Retail Sales Cost of Goods Sold Gross profit Other Income Interest Income Income statement. for the year ended 30 June 2024 2024 (5000) 2023 (5000) 302,400 258,450 149,675 129,900 152,725 128,550 11,455 9,350 Gain on revaluation of Land (net of tax) 2,500 Revenue from Discontinued operations 40,000 Less: Expenses Administration Expenses 86,000 73,300 Selling and Distribution Expenses 27,500 13,346 Other General expenses 33,650 27,910 Interest expenses 9,200 7,800 Expenses for Discontinued operations 32,500 Loss on revaluation of Land (net of tax) 1,900 Total operating expenses 188,850 124,256 Profit before tax 17,830 13,644 You have been provided with the following additional information: 1) Gain and loss on revaluation of land, that are shown in the Income statement, have been transferred to Land Revaluation Reserve account. 2) Income tax expenses were included under other general expenses for the two years. The tax expenses for 2024 and 2023 were $13,650,000 and $11,435,000, respectively. 3) Income tax payable as of 30 June 2024 was included under Provisions and the amount was $3,250,000.
Transcribed Image Text:Assets Statement of Financial Position for the year ended 30 June 2024 Inventory Property, Plant & Equipment (Net). Accounts Receivable Cash and cash equivalents Intangible assets Other receivables 2024 (5000) 2023 (5000) 72,300 70,930 58,540 45,900 35,680 32,845 12,650 16,250 2,765 2,765 4,200 2,200 186,135 170,890 Total assets Liabilities Trade and other payables 72,305 57,900 Long term loan (Payable in 2028) 15,400 18,790 Taxation Payable 3,100 Provisions 10,800 6,700 Total liabilities 98,505 86,490 Net assets 87,630 84,400 Shareholders' equity Share Capital Reserves Retained eamings Total shareholders' equity 75,000 70,600 4,400 1,900 8,230 11,900 87,630 84,400 Retail Sales Cost of Goods Sold Gross profit Other Income Interest Income Income statement. for the year ended 30 June 2024 2024 (5000) 2023 (5000) 302,400 258,450 149,675 129,900 152,725 128,550 11,455 9,350 Gain on revaluation of Land (net of tax) 2,500 Revenue from Discontinued operations 40,000 Less: Expenses Administration Expenses 86,000 73,300 Selling and Distribution Expenses 27,500 13,346 Other General expenses 33,650 27,910 Interest expenses 9,200 7,800 Expenses for Discontinued operations 32,500 Loss on revaluation of Land (net of tax) 1,900 Total operating expenses 188,850 124,256 Profit before tax 17,830 13,644 You have been provided with the following additional information: 1) Gain and loss on revaluation of land, that are shown in the Income statement, have been transferred to Land Revaluation Reserve account. 2) Income tax expenses were included under other general expenses for the two years. The tax expenses for 2024 and 2023 were $13,650,000 and $11,435,000, respectively. 3) Income tax payable as of 30 June 2024 was included under Provisions and the amount was $3,250,000.
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