INFORMATION The following information was obtained from the financial records of Fiona Limited: Fiona Limited Statement of Comprehensive Income for the year ended 31 December: Fiona Limited Statement of Financial Position as at 31 December: 2023 (R) 2022 (R) 2022 (R) Sales Cost of sales Gross profit Operating expenses Operating profit 2023 (R) 19 000 000 (10 000 000) 9 000 000 18 000 000 (9 800 000) 8 200 000 (5 200 000) Accounts receivable Cash ASSETS Non-current assets Property, plant and equipment Current assets Inventories 2 500 000 3 000 000 2 500 000 3 000 000 19 500 000 13 600 000 12 000 000 8 000 000 6 500 000 3 600 000 1 000 000 2 000 000 22 000 000 16 600 000 Interest expense Profit before tax Company tax Profit after tax (5 500 000) 3 500 000 3 000 000 Total assets (240 000) (360 000) 3 260 000 2 640 000 EQUITY AND LIABILITIES (880 200) (739 200) Equity 16 000 000 10 600 000 2 379 800 1900 800 Ordinary share capital 12 000 000 8 000 000 Retained earnings 4 000 000 2 600 000 Non-current liabilities 2 000 000 3 000 000 Long-term loan (12%) 2 000 000 3 000 000 Current liabilities 4 000 000 3 000 000 Accounts payable 3444 000 2616 000 556 000 384 000 22 000 000 16 600 000 Dividends payable Total equity and liabilities Additional information 1. All purchases and sales of inventories are on credit. 2. 3. Depreciation for the year ended 31 December 2023 amounted to R500 000. Interim dividends paid out during the financial year ended 31 December 2023 amounted to R423 800. 4. Credit terms to debtors are 30 days and credit terms from suppliers are 60 days.
INFORMATION The following information was obtained from the financial records of Fiona Limited: Fiona Limited Statement of Comprehensive Income for the year ended 31 December: Fiona Limited Statement of Financial Position as at 31 December: 2023 (R) 2022 (R) 2022 (R) Sales Cost of sales Gross profit Operating expenses Operating profit 2023 (R) 19 000 000 (10 000 000) 9 000 000 18 000 000 (9 800 000) 8 200 000 (5 200 000) Accounts receivable Cash ASSETS Non-current assets Property, plant and equipment Current assets Inventories 2 500 000 3 000 000 2 500 000 3 000 000 19 500 000 13 600 000 12 000 000 8 000 000 6 500 000 3 600 000 1 000 000 2 000 000 22 000 000 16 600 000 Interest expense Profit before tax Company tax Profit after tax (5 500 000) 3 500 000 3 000 000 Total assets (240 000) (360 000) 3 260 000 2 640 000 EQUITY AND LIABILITIES (880 200) (739 200) Equity 16 000 000 10 600 000 2 379 800 1900 800 Ordinary share capital 12 000 000 8 000 000 Retained earnings 4 000 000 2 600 000 Non-current liabilities 2 000 000 3 000 000 Long-term loan (12%) 2 000 000 3 000 000 Current liabilities 4 000 000 3 000 000 Accounts payable 3444 000 2616 000 556 000 384 000 22 000 000 16 600 000 Dividends payable Total equity and liabilities Additional information 1. All purchases and sales of inventories are on credit. 2. 3. Depreciation for the year ended 31 December 2023 amounted to R500 000. Interim dividends paid out during the financial year ended 31 December 2023 amounted to R423 800. 4. Credit terms to debtors are 30 days and credit terms from suppliers are 60 days.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:INFORMATION
The following information was obtained from the financial records of Fiona
Limited:
Fiona Limited
Statement of Comprehensive Income for the year ended 31 December:
Fiona Limited
Statement of Financial Position as at 31 December:
2023 (R)
2022 (R)
2022 (R)
Sales
Cost of sales
Gross profit
Operating expenses
Operating profit
2023 (R)
19 000 000
(10 000 000)
9 000 000
18 000 000
(9 800 000)
8 200 000
(5 200 000)
Accounts receivable
Cash
ASSETS
Non-current assets
Property, plant and equipment
Current assets
Inventories
2 500 000
3 000 000
2 500 000
3 000 000
19 500 000
13 600 000
12 000 000
8 000 000
6 500 000
3 600 000
1 000 000
2 000 000
22 000 000
16 600 000
Interest expense
Profit before tax
Company tax
Profit after tax
(5 500 000)
3 500 000
3 000 000
Total assets
(240 000)
(360 000)
3 260 000
2 640 000
EQUITY AND LIABILITIES
(880 200)
(739 200)
Equity
16 000 000
10 600 000
2 379 800
1900 800
Ordinary share capital
12 000 000
8 000 000
Retained earnings
4 000 000
2 600 000
Non-current liabilities
2 000 000
3 000 000
Long-term loan (12%)
2 000 000
3 000 000
Current liabilities
4 000 000
3 000 000
Accounts payable
3444 000
2616 000
556 000
384 000
22 000 000
16 600 000
Dividends payable
Total equity and liabilities
Additional information
1.
All purchases and sales of inventories are on credit.
2.
3.
Depreciation for the year ended 31 December 2023 amounted to R500 000.
Interim dividends paid out during the financial year ended 31 December 2023 amounted to R423 800.
4.
Credit terms to debtors are 30 days and credit terms from suppliers are 60 days.
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