The Statement of Comprehensive Income and simplified extract of the Statement of Changes in Equity for Afrox Ltd are provided below: STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER: Sales 2022 2021 R R 16 200 000 14 400 000 (7 020 000) (6 120 000) Cost of sales Gross profit Other operating income Distribution expenses Administrative expenses Operating profit Finance income 9 180 000 540 000 (5 400 000) ? 2 160 000 8 280 000 504 000 (4 860 000) ? 1 944.000 Finance expenses Profit before tax Company tax Profit after tax 19 800 9 720 (15 660) (31 680) 2 164 140 1922 040 (649 242) (576 612) 1 514 898 1 345 428 STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2022 Balance on 31 December 2021 Profit for the year Dividends Balance on 31 December 2022 ADDITIONAL INFORMATION 1. 2. Depreciation for the year amounted to: 2022: R720 000 2021: R1 080 000. Company tax is calculated as a percentage of the pre-tax profit. R 5 220 000 1 514 898 (684 000) 6 050 898

The Statement of Comprehensive Income and simplified extract of the Statement of Changes in Equity for Afrox Ltd are provided below: STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER: Sales 2022 2021 R R 16 200 000 14 400 000 (7 020 000) (6 120 000) Cost of sales Gross profit Other operating income Distribution expenses Administrative expenses Operating profit Finance income 9 180 000 540 000 (5 400 000) ? 2 160 000 8 280 000 504 000 (4 860 000) ? 1 944.000 Finance expenses Profit before tax Company tax Profit after tax 19 800 9 720 (15 660) (31 680) 2 164 140 1922 040 (649 242) (576 612) 1 514 898 1 345 428 STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2022 Balance on 31 December 2021 Profit for the year Dividends Balance on 31 December 2022 ADDITIONAL INFORMATION 1. 2. Depreciation for the year amounted to: 2022: R720 000 2021: R1 080 000. Company tax is calculated as a percentage of the pre-tax profit. R 5 220 000 1 514 898 (684 000) 6 050 898

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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Calstone, Inc. prepares an annual combined statement of income and comprehensive income. The following situations occurred during the company's 2015 fiscal year: 1. Land that had been held as an investment was sold and a gain was recognized. _________ 2. Losses from foreign currency translation were recognized. ____________3. Interest revenue was recognized.____________4. A division was sold that qualifies as a separate component ______________5. Unrealized losses on investments accounted for as securities available for sale were recorded.___ 6. Investments were sold during the year at a loss of $300 __________7. The controller discovered an error in the calculation of 2014's revenue.____________8. Restructuring costs were incurred due to downsizing and reorganization of a manufacturing facility.________ 9. Calstone recorded an actuarial gain on its defined pension plan.10. A write-down of inventory was recorded. Required: For each situation, identify the appropriate reporting…
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STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER - explain the change that possibly took place during 2022 in respect of: - long- term borrowing - property, plant and equipment - calculate the administrative expenses for 2002 - was there any change to the company tax rate in 2002, explain - assess the performance of the company from the information without using ratios - recommend 4 ways that the company can improves its profitability
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How much net income did H&M’s tool, incorporated, generate during 2021? What was the net profit margin? Is the company financed primarily by liabilities or stock holders equity? What is its current ratio?