Questions about the Income Statement. 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? . Questions about the Statement of Financial Position a. What was the Total Assets for the company at December 31, 2020? What about December 31, 2019? b. Mention the biggest liability with its amount for the company at December 31, 2020. c. What was the Total Equity for the company at December 31, 2020? What about December 31, 2019? . please help me answering both sections
Reporting Cash Flows
Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows from various activities such as operating, financing, and investment. Reporting this statement is important because it is the main financial statement of the company.
Balance Sheet
A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the most critical measures of the financial performance and position of the company, and as the name suggests, the statement must balance the assets against the liabilities and equity. The assets are what the company owns, and the liabilities represent what the company owes. Equity represents the amount invested in the business, either by the promoters of the company or by external shareholders. The total assets must match total liabilities plus equity.
Financial Statements
Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It includes three main components that are balance sheet, income statement and cash flow statement.
Owner's Capital
Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expected to have either a debit balance or a credit balance, depending on the nature of the account. An asset account will have a debit balance as normal balance because an asset is a debit account. Similarly, a liability account will have the normal balance as a credit balance because it is amount owed, representing a credit account. Equity is also said to have a credit balance as its normal balance. However, sometimes the normal balances may be reversed, often due to incorrect journal or posting entries or other accounting/ clerical errors.
Questions about the Income Statement.
a. List 2 expense accounts AND their amounts for 2020.
b. What was the net
c. Compared with 2019, has the net profit/(loss) increased or decreased?
.
Questions about the
a. What was the Total Assets for the company at December 31, 2020? What about December 31, 2019?
b. Mention the biggest liability with its amount for the company at December 31, 2020.
c. What was the Total Equity for the company at December 31, 2020? What about December 31, 2019?
.
please help me answering both sections
![AL IMTIAZ INVESTMENT GROUP COMPANY K.S.C. (PUBLIC) AND ITS SUBSIDIARIES (THE GROUP)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT DECEMBER 31, 2020
(All amounts are in Kuwaiti Dinars)
Note
2020
2019
ASSETS
Cash and short-term funds
Term deposits
Financial assets at fair value through profit or loss ("FVTPL")
Accounts receivable and other debit balances
Other assets
23,066,451
205,000
40,950,014
79,818,638
11,854,521
1,329,119
28,850,260
131,000
48,374,219
69,577,373
10,978,148
2,372,779
Properties under development
Financial assets at fair value through other comprehensive income
("FVOCI")
Investment in associates
Investment properties
Property, plant and equipment
Intangible assets
Goodwill
15,376,902
35,359,464
45,768,561
40,070,837
22,507,338
36,306,549
352,613,394
24,769,631
39,955,078
56,738,230
36,551,521
23,031,433
36,306,549
377,636,221
8
10
11
12
12
Total assets
LIABILITIES AND EQUITY
Liabilities:
Bank facilities
Accounts payable and other credit balances
Lease liabilities
Murabaha and Wakala payable
Provision for end of service indemnity
7,169,723
56,780,330
1,366,506
52,301,854
6,896,325
124,514,738
13
9,632,528
62,365,652
2,525,634
55,882,010
8,724,637
139,130,461
14
15
Total liabilities
Equity:
Share capital
Share premium
Treasury shares
Statutory reserve
Voluntary reserve
Other equity items
Retained earnings
Equity attributable to shareholders of the Parent Company
Non-controlling interests
Total equity
Total líabilities and equity
16
113,361,735
34,108,277
(10,041,090)
26,534,020
12,304,061
(16,552,134)
22,026,572
181,741,441
31,741,492
213,482,933
352,613,394
113,361,735
34,108,277
(10,041,090)
26,534,020
12,304,061
(3,812,895)
43,326,328
215,780,436
37,341,047
253,121,483
377,636,221
17
18
19
20
21
The accompanying notes from (1) to (35) form an integral part of the consolidated financial statements.
Khaled Sultan Bin Essa
Chairman
Nawaf H. Marafi
Chief Executive Officer of the
Group and Board Member
345673](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc91ed5ca-c6ac-4790-85a4-5b1d89e133ae%2F3adf9d91-9069-4117-a2af-ee40ce40a0d1%2F5d04twg_processed.jpeg&w=3840&q=75)
![AL IMTIAZ INVESTMENT GROUP COMPANY -K.S.C. (PUBLIC) AND ITS SUBSIDIARIES (THE GROUP)
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
FOR THE YEAR ENDED DECEMBER 31, 2020
(All amounts are in Kuwaiti Dinars)
Note
2020
2019
Revenue:
Net investment loss
22
(5,173,895)
2,336,139
2,675,380
29,009,396
(9,016,640)
(643,198)
11,530
(286,975)
3,088,733
2,694,896
29,643,039
495,638
2,525,434
1,686,827
23,340,154
27,091
285,227
(44,913)
1,233,408
64,688,559
Management, placement and subscription fees
Net rental income
Net operating income from operations of subsidiaries
Changes in fair value of investment properties
Group's share of results from associates
Gain from partial sale of investment in an associate
Gain from remeasurement of equity interest of a former associate
(Loss) gain on sale of investment properties
Return income
23
10
9.
10
(132,362)
121,193
(42,857)
2,050,436
21,195,122
Foreign exchange loss
Other income
Total revenue
Expenses and other charges:
General and administrative expenses
Selling and marketing expenses
Finance charges
Management, placement, subscription and consultancy costs
Impairment loss and other net provisions
Depreciation and amortization
Total expenses and other charges
24
21,768,214
4,509,161
3,618,560
1,321,422
10,512,873
5,412,103
47,142,333
22,463,621
5,150,212
4,367,433
1,143,719
4,140,752
4,340,145
41,605,882
24
25
11,12
(Loss) profit for the year before contribution to National Labor
Support Tax (NLST) and Board of Directors' Remuneration
NLST
Board of Directors' remuneration
(Loss) profit for the year
(25,947,211)
23,082,677
(570,970)
(119,000)
22,392,707
29
(25,947,211)
Attributable to:
Shareholders of the Parent Company
Non-controlling interests
(Loss) profit for the year
Basic and diluted (loss) earnings per share attributable to
shareholders of the Parent Company (Fils)
(20,995,798)
(4,951,413)
(25,947,211)
19,718,057
2,674,650
22,392,707
(20.43)
19.19
26](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc91ed5ca-c6ac-4790-85a4-5b1d89e133ae%2F3adf9d91-9069-4117-a2af-ee40ce40a0d1%2Fuvz5ukb_processed.jpeg&w=3840&q=75)
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