tout below are the financial statements of Emma, a limited liability company. ATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 20X2 les revenue st of sales oss profit stribution costs ministrative expenses nance costs fit before tax

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Exercise 3
Set out below are the financial statements of Emma, a limited liability company.
STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 20X2
Sales revenue
Cost of sales
Gross profit
Distribution costs
Administrative expenses
Finance costs
Profit before tax
Income tax expense
Profit for the year
STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER
Non-current assets
Tangible assets
Intangible assets
Investments
Current assets
Inventories
Receivables
Cash in hand
Equity and liabilities
Share capital ($1 ordinary shares)
Share premium account
Revaluation surplus
Retained earnings
Non-current liabilities
Long-term loan
Current liabilities
Trade payables
Bank overdraft
Taxation
(3)
20X2
$'000
Cost/valuation
Accumulated depreciation
Carrying amount
380
250
630
150
390
52
592
1,222
200
160
100
160
620
100
127
85
290
502
1,222
Additional information.
(1) The proceeds of the sale of non-current asset investments amounted to $30,000.
(2)
Fixtures and fittings, with an original cost of $85,000 and a carrying amount of $45,000, were sold for
$32,000 during the year.
The following information relates to property, plant and equipment.
********** *888*8 02-88| 88586| ' 98393|
31.12.20X2 31.12.20X1
$'000
$'000
720
595
340
290
380
305
Some items of PPE were revalued during the year.
(4) 50,000 $1 ordinary shares were issued during the year at a premium of 20c per share.
Complete the following sections of the statement of cash flows for the year ended 31 December 20X2 for Emma
Transcribed Image Text:Exercise 3 Set out below are the financial statements of Emma, a limited liability company. STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 20X2 Sales revenue Cost of sales Gross profit Distribution costs Administrative expenses Finance costs Profit before tax Income tax expense Profit for the year STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER Non-current assets Tangible assets Intangible assets Investments Current assets Inventories Receivables Cash in hand Equity and liabilities Share capital ($1 ordinary shares) Share premium account Revaluation surplus Retained earnings Non-current liabilities Long-term loan Current liabilities Trade payables Bank overdraft Taxation (3) 20X2 $'000 Cost/valuation Accumulated depreciation Carrying amount 380 250 630 150 390 52 592 1,222 200 160 100 160 620 100 127 85 290 502 1,222 Additional information. (1) The proceeds of the sale of non-current asset investments amounted to $30,000. (2) Fixtures and fittings, with an original cost of $85,000 and a carrying amount of $45,000, were sold for $32,000 during the year. The following information relates to property, plant and equipment. ********** *888*8 02-88| 88586| ' 98393| 31.12.20X2 31.12.20X1 $'000 $'000 720 595 340 290 380 305 Some items of PPE were revalued during the year. (4) 50,000 $1 ordinary shares were issued during the year at a premium of 20c per share. Complete the following sections of the statement of cash flows for the year ended 31 December 20X2 for Emma
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