The following information has been extracted from the trial balance of Itico Ltd as at 31 December 20X0: Land at cost Motor vehicles at cost Equipment at cost Acc Dep: equipment Purchases Sales Rent and Rates Motor expenses Returns inwards Salaries and wages 60 40 10% Loan Interest paid Dividends paid Ordinary share capital of £1 Retained profit as at 1 January 20X0 Inventory as at 1 January 20X0 Rental income £'000 100,000 24,300 10,530 530 461,700 753,300 11,340 be apportioned: Admin 30%, Distribution 70%. • Provide for corporation tax $15,000,000. • 9,720 3,645 55,080 20,000 1,000 24,300 300,000 38,070 56,700 5,000 10,000 Distribution costs Additional information: • Salaries and wages are to be apportioned: Distribution 60% Admin 40%. Rent and rates are to be apportioned: Distribution 90% Admin 10%. Depreciation is to be provided at: • • 30% on equipment reducing balance method and • motor vehicles over 5 years estimated useful life. • Motor vehicle depreciation, motor expenses, and equipment depreciation expenses to Land is non-depreciable and is to be revalued to £150,000,000 on 31 December 20X0. Inventory as at 31 December 20X0 was £64,800,000.
The following information has been extracted from the trial balance of Itico Ltd as at 31 December 20X0: Land at cost Motor vehicles at cost Equipment at cost Acc Dep: equipment Purchases Sales Rent and Rates Motor expenses Returns inwards Salaries and wages 60 40 10% Loan Interest paid Dividends paid Ordinary share capital of £1 Retained profit as at 1 January 20X0 Inventory as at 1 January 20X0 Rental income £'000 100,000 24,300 10,530 530 461,700 753,300 11,340 be apportioned: Admin 30%, Distribution 70%. • Provide for corporation tax $15,000,000. • 9,720 3,645 55,080 20,000 1,000 24,300 300,000 38,070 56,700 5,000 10,000 Distribution costs Additional information: • Salaries and wages are to be apportioned: Distribution 60% Admin 40%. Rent and rates are to be apportioned: Distribution 90% Admin 10%. Depreciation is to be provided at: • • 30% on equipment reducing balance method and • motor vehicles over 5 years estimated useful life. • Motor vehicle depreciation, motor expenses, and equipment depreciation expenses to Land is non-depreciable and is to be revalued to £150,000,000 on 31 December 20X0. Inventory as at 31 December 20X0 was £64,800,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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need correct and complete help for both parts with all work thanks answer in text
Required
- a. Statement of Comprehensive Income for the year ended 31 December 20X0 in accordance with the requirements of the IAS. The workings for the distribution costs and administrative expenses are to be shown separately.
- b. Calculate the earnings per share for the financial year ended 31 December 20X0.
Transcribed Image Text:The following information has been extracted from the trial balance of Itico Ltd as at 31
December 20X0:
Land at cost
Motor vehicles at cost
Equipment at cost
Acc Dep: equipment
Purchases
Sales
Rent and Rates
Motor expenses
Returns inwards
Salaries and wages 60 40
10% Loan
Interest paid
Dividends paid
Ordinary share capital of £1
Retained profit as at 1 January 20X0
Inventory as at 1 January 20X0
Rental income
Distribution costs
Additional information:
£'000
100,000
24,300
10,530
530
461,700
753,300
11,340
9,720
3,645
55,080
20,000
1,000
24,300
300,000
.
38,070
56,700
5,000
10,000
• Salaries and wages are to be apportioned: Distribution 60% Admin 40%.
• Rent and rates are to be apportioned: Distribution 90% Admin 10%.
• Depreciation is to be provided at:
•
30% on equipment reducing balance method and
motor vehicles over 5 years estimated useful life.
Motor vehicle depreciation, motor expenses, and equipment depreciation expenses to
be apportioned: Admin 30%, Distribution 70%.
• Provide for corporation tax $15,000,000.
Land is non-depreciable and is to be revalued to £150,000,000 on 31 December 20X0.
Inventory as at 31 December 20X0 was £64,800,000.
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