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Red Limited Income Statement for the year ended 31 December 2018 Sales Cost of sales Depreciation Selling, general and administrative expenses Interest expense EST Tax Net profit Red Ltd Balance Sheet as at 31 December 2018 Assets Current Assets Cash Accounts receivable Inventory Total current assets Non-current assets Equipment Less accumulated depreciation Net book value Total non-current assets TOTAL ASSETS Liabilities & Equity Current Liabilities Accrued liabilities Accounts payables Notes payables Total current liabilities Equity Long term debt Equity Retained earnings Total equity Total liabilities and equity 10 000 6 000 600 1.000 600 1.800 720 1080 2018 1.100 1650 2 200 4950 12 150 100 3 7 050 7 050 12 000 880 1.320 6050 8250 1602 1.000 1148 3750 12 000 2017 1.000 1300 2 000 4 300 11 000 4300 6300 65 00 11 000 800 1 200 5300 7300 2 000 1.000 300 3.300 11 000

Red Limited Income Statement for the year ended 31 December 2018 Sales Cost of sales Depreciation Selling, general and administrative expenses Interest expense EST Tax Net profit Red Ltd Balance Sheet as at 31 December 2018 Assets Current Assets Cash Accounts receivable Inventory Total current assets Non-current assets Equipment Less accumulated depreciation Net book value Total non-current assets TOTAL ASSETS Liabilities & Equity Current Liabilities Accrued liabilities Accounts payables Notes payables Total current liabilities Equity Long term debt Equity Retained earnings Total equity Total liabilities and equity 10 000 6 000 600 1.000 600 1.800 720 1080 2018 1.100 1650 2 200 4950 12 150 100 3 7 050 7 050 12 000 880 1.320 6050 8250 1602 1.000 1148 3750 12 000 2017 1.000 1300 2 000 4 300 11 000 4300 6300 65 00 11 000 800 1 200 5300 7300 2 000 1.000 300 3.300 11 000

FINANCIAL ACCOUNTING
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 3 Red Limited Income Statement for the year ended 31 December 2018 Sales Cost of sales Depreciation Selling, general and administrative expenses Interest expense EST Tax Net profit Red Ltd Balance Sheet as at 31 December 2018 Assets Current Assets Cash Accounts receivable Inventory Total current assets Non-current assets Equipment Less accumulated depreciation Net book value Total non-current assets TOTAL ASSETS Liabilities & Equity Current Liabilities Accrued liabilities Accounts payables Notes payables Total current liabilities Equity Long term debt Equity Retained earnings Total equity Total liabilities and equity Required Prepare cash flow statement for Red Limited for December 2018 10 000 6 000 600 1.000 600 1.800 720 1080 2018 1 100 1650 2 200 4950 12 150 3 100 7 050 7050 12 000 880 1320 6050 8 250 1 602 1.000 1 148 3 750 12 000 2017 1.000 1300 2 000 4 300 11 000 4 300 6 300 65 00 11 000 800 1 200 5 300 7300 2 000 1.000 300 3.300 11 000
Transcribed Image Text:Question 3 Red Limited Income Statement for the year ended 31 December 2018 Sales Cost of sales Depreciation Selling, general and administrative expenses Interest expense EST Tax Net profit Red Ltd Balance Sheet as at 31 December 2018 Assets Current Assets Cash Accounts receivable Inventory Total current assets Non-current assets Equipment Less accumulated depreciation Net book value Total non-current assets TOTAL ASSETS Liabilities & Equity Current Liabilities Accrued liabilities Accounts payables Notes payables Total current liabilities Equity Long term debt Equity Retained earnings Total equity Total liabilities and equity Required Prepare cash flow statement for Red Limited for December 2018 10 000 6 000 600 1.000 600 1.800 720 1080 2018 1 100 1650 2 200 4950 12 150 3 100 7 050 7050 12 000 880 1320 6050 8 250 1 602 1.000 1 148 3 750 12 000 2017 1.000 1300 2 000 4 300 11 000 4 300 6 300 65 00 11 000 800 1 200 5 300 7300 2 000 1.000 300 3.300 11 000
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