Use the information provided below to prepare the following pro forma statements: 4.1 Statement of Comprehensive Income for the year ended 31 December 2023 4.2 Statement of Financial Position as at 31 December 2023

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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REQUIRED
Use the information provided below to prepare the following pro forma statements:
4.1 Statement of Comprehensive Income for the year ended 31 December 2023
Statement of Financial Position as at 31 December 2023
4.2
INFORMATION
Ascot Limited's Pro Forma Statement of Comprehensive Income for its first year of operations ended 31
December 2022 and its Pro Forma Statement of Financial Position as at 31 December 2022 are shown
below:
Statement of Comprehensive Income for the year ended 31 December 2022
Sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Interest expense
Profit before tax
Company tax
Profit after tax
R
10 000 000
(5 700 000)
4 300 000
(2 000 000)
2 300 000
(20 000)
2 280 000
(684 000)
1 596 000
Transcribed Image Text:REQUIRED Use the information provided below to prepare the following pro forma statements: 4.1 Statement of Comprehensive Income for the year ended 31 December 2023 Statement of Financial Position as at 31 December 2023 4.2 INFORMATION Ascot Limited's Pro Forma Statement of Comprehensive Income for its first year of operations ended 31 December 2022 and its Pro Forma Statement of Financial Position as at 31 December 2022 are shown below: Statement of Comprehensive Income for the year ended 31 December 2022 Sales Cost of sales Gross profit Selling, general and administrative expenses Operating profit Interest expense Profit before tax Company tax Profit after tax R 10 000 000 (5 700 000) 4 300 000 (2 000 000) 2 300 000 (20 000) 2 280 000 (684 000) 1 596 000
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