Question for income statement : BAYAN INVESTMENT CO. (K.S.C.P)a. List 2 expense accounts AND their amounts for 2020.b. What was the net profit/(loss) for 2020? What about 2019?c. Compared with 2019, has the net profit/(loss) increased or decreased? BAYAN INVESTMENT COMPANY K.S.C. (PUBLIC) AND SUBSIDIARIESCONSOLIDATED STATEMENT OF PROFIT OR LOSSFOR THE YEAR ENDED DECEMBER 31, 2020(All amounts are in Kuwaiti Dinars)Note20202019Revenues:Net investment incomeManagement and consultancy feesNet sales revenueOther income15161664,00516,002820,22955,277955,513281,41017,014386,63729,846714,907Expenses and other charges:General and administrative expensesFinance charges on bank facilitiesFinance charges on lease liabilitiesProvision for a legal claimForeign exchange loss (gain)801,168241,22714,150780,915(42,303)1,795,157171,006,396156,65411,290417,0748,7771,600,1917(d)7, 21Loss for the year before contribution to National LaborSupport Tax (NLST) and ZakatNLST(644,678) (1,080,250)(12,954)(13,435)Zakat(2,744)(4,176)Loss for the year(960,376)(1,097,861)Attributable to:Shareholders of the Parent CompanyNon-controlling interestsLoss for the year(428,219)(232,157)(660,376)(701,211)(396,650)(1,097,861)FilsFilsBasic and diluted loss per share attributable to shareholdersof the Parent Company18(1.182)(1.935)The accompanying notes from (1) to (27) form an integral part of the consolidated financial statements.

Net profit is gross profit minus operating expenses and other expenses a like interest expenses…

Question for income statement : BAYAN INVESTMENT CO. (K.S.C.P) a. List 2 expense accounts AND their amounts for 2020. b. What was the net profit/(loss) for 2020? What about 2019? c. Compared with 2019, has the net profit/(loss) increased or decreased?

Question for income statement : BAYAN INVESTMENT CO. (K.S.C.P) a. List 2 expense accounts AND their amounts for 2020. b. What was the net profit/(loss) for 2020? What about 2019? c. Compared with 2019, has the net profit/(loss) increased or decreased?

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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Question for income statement : BAYAN INVESTMENT CO. (K.S.C.P)

a. List 2 expense accounts AND their amounts for 2020.

b. What was the net profit/(loss) for 2020? What about 2019?

c. Compared with 2019, has the net profit/(loss) increased or decreased?

BAYAN INVESTMENT COMPANY K.S.C. (PUBLIC) AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
FOR THE YEAR ENDED DECEMBER 31, 2020
(All amounts are in Kuwaiti Dinars)
Note
2020
2019
Revenues:
Net investment income
Management and consultancy fees
Net sales revenue
Other income
15
16
16
64,005
16,002
820,229
55,277
955,513
281,410
17,014
386,637
29,846
714,907
Expenses and other charges:
General and administrative expenses
Finance charges on bank facilities
Finance charges on lease liabilities
Provision for a legal claim
Foreign exchange loss (gain)
801,168
241,227
14,150
780,915
(42,303)
1,795,157
17
1,006,396
156,654
11,290
417,074
8,777
1,600,191
7(d)
7, 21
Loss for the year before contribution to National Labor
Support Tax (NLST) and Zakat
NLST
(644,678) (1,080,250)
(12,954)
(13,435)
Zakat
(2,744)
(4,176)
Loss for the year
(960,376)
(1,097,861)
Attributable to:
Shareholders of the Parent Company
Non-controlling interests
Loss for the year
(428,219)
(232,157)
(660,376)
(701,211)
(396,650)
(1,097,861)
Fils
Fils
Basic and diluted loss per share attributable to shareholders
of the Parent Company
18
(1.182)
(1.935)
The accompanying notes from (1) to (27) form an integral part of the consolidated financial statements.

Definition Definition Amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item

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