Financial Statement Essay

1348 words - 6 pages

1. Part A

Snake Ltd

Statement of Profit or Loss and Other Comprehensive Income

for the year ended 30 June 2017

$

|Revenue |6,588,000 |
|Cost of sales |-3,514,000 |
| Gross profit |3,074,000 |
| Other revenue |139,200 |
| Other income ...view middle of the document...

- Revenue = 6,600,000 (sales revenue) – 12,000 (sales return ) = 6,588,000

2.- Cost of sales = 3,424,000 (cost of sales) + 90,000 (freight inwards) = 3,514,000

3.- Other revenue = 46,200 (Sundry revenue) +50,000 (interest revenue) + 43,000 (dividends revenue) = 139,200

4.-Other income = 40,000 (proceeds on sale of plant & machinery) – 24,000 (carrying amount) = 16,000

5.- Selling expense = 120,000 (advertising expense) +115,000 (Freight outwards) +500,000 (sales staff salaries and commission expense) +210,000 (other selling expense) = 945,000

6.- Administrative expenses = 540,000 (administrative staff salaries expense) +370,000 (Other administrative expense) – 45,000 (non audit consulting services 75% of 60,000) = 865,000

7.- Other expense = 190,000 Other expenses – 68,000 (interest expens e) + 45,000 (non audit consulting services 75% of 60,000) = 167,000

8.- Financial cost = 68,000 (interest expense)

9. - Gain arising during the year on revaluation of freehold land = 1,276,000 (fair value) – 1,076,000 (carrying amount) = 200,000

10.- Gain arising during the year on revaluation of listed investments =100,000 (fair value) – 60,000 (original cost) = 40,000

Part B Snake Ltd

Statement of Financial Position

as at 30 June 2017

|ASSETS | $ |
|Current asset | |
|Cash and cash equivalent |650,000 |
|Trade and other receivable |1,313,000 |
|Inventory |1,950,000 |
|Other financial assets |222,000 |
|Total current asset |4,135,000 |
| | |
|Non-current asset | |
|Available-for-sale financial assets |100,000 |
|Property, plant & equipment |2,685,000 |
|Other financial assets |220,000 |
|Intangible assets |652,000 |
|Deferred tax assets |35,000 |
|Total non-current asset |3,692,000 |
| ...

Other Essays Like Financial Statement

Financial Statement Diferentiation Essay

658 words - 3 pages Financial Statement Differentiation ACC/561 Financial Statement Differentiation There are four different kinds of financial statements. These include the income statement, the statement of cash flow, the balance sheet, and the retained earnings statement. Each statement has a different focus and are used by investors, managers, and creditors to help make decisions about a business. Knowing which statements need to be used and when will

Financial Statement Differentiation Paper

876 words - 4 pages Financial Statement Differentiation Paper Name ACC/561 Date Instructor Financial Statement Differentiation Paper Financial statements arrange financial information into statements that prove to be the financial accounting backbone. The income statement, statement of cash flows, retained earnings statement, and balance sheet arrange the expenses, liabilities, revenues, and assets of a company into formats that provide a clear view of

Financial Statement Paper

908 words - 4 pages Financial Statement Paper Barbara Watson ACC/290 February 1, 2012 Courtney Wilson Financial Statement Paper In any business or organization that is established there has to financial records kept consistently to be as follows; (1) compliant with federal business laws, (2) in accordance with Internal Revenue Service, and last no fraudulent reporting in profit gains. In this paper I will attempt to explain the four basic financial

Financial Statement Differentiation Paper

724 words - 3 pages Financial Statement Differentiation Paper Set Jardine Acc 561 Financial Statement Differentiation Paper Financial statements are prepared by every public company according to the generally accepted accounting principles adapted by the United States to ensure accounting accuracy within the investment community. These accounting standards are used to prepare the balance statement, the income statement, the shareholders’ equity statement

Financial Statement Paper

800 words - 4 pages Financial Statements Paper Brittany Williams University of Phoenix Principles of Accounting I ACC/290 Kelvin Chang November 26, 2013 Financial Statements Paper In the accounting world, there are four basic financial statements that are normally prepared by profit-making organizations. These are balance sheet, income statement, statement of retained earnings, and statement of cash flows. Each of these statements serves a very

Financial Statement Differentiation

568 words - 3 pages Financial Statement Differentiation University of Phoenix Accounting Acc/561 Norsey Dorris June 22, 2012 There are four financial statements that users view to determine the health of companies, which are the balance sheet, income statement, retained earnings statement, and the statement of cash flows. These statements typically represent the backbone of a company and are viewed for various purposes from investment decisions to

Financial Statement Paper

780 words - 4 pages Financial Statement Paper xxxxxx ACC/290 January 29, 2013 Dr. Norris Dorsey Financial Statement Paper This week’s individual assignment is to identify the four basic financial statement reports used in basic accounting principles and concepts. It also is to describe the purpose of these four reports and how they would be of use to both managers and employees as an internal component. It is also to describe the external use to

Financial Statement Analysis

793 words - 4 pages Financial Statement Analysis ACC 561/PR May 24, 2014 Financial Statement Analysis A company owner or manager requires financial statements to improve their business or to make any important decision regarding their operations. Puerto Rico is a land that has many companies doing business, some are local or international. CVS Caremark Corporation is one of the main traded companies doing business here. This Corporation provides integrated

Financial Statement Analysis

871 words - 4 pages Course Goals and Learning Objectives: The goal of this course is to provide students a practitioner’s perspective on financial statement analysis. The course will emphasize thinking beyond the text and will focus to how to critically examine financial statement information and management representations. The course will primarily focus on financial statements prepared in accordance with US GAAP, however differences between US GAAP and IFRS will

Financial Statement Analysis

2810 words - 12 pages ANALYSIS OF FIANANCIAL STATEMENT MUSTEHKAM CEMENT LIMITED PRESENTED TO: TAHSEEN MOHSIN PRESENTED BY: MUHAMMAD USMAN GHANI 105221003 (03454657966) PREFACE This is the project of financial statement analysis in which

Comparative Financial Statement

1638 words - 7 pages |Comparative Financial Statement ( Balance Sheet) | |Apex Tannery Limited | |As of 31st December, 1994 and 1995

Related Papers

Financial Statement Essay

703 words - 3 pages Financial Statement Different ACC/ 561 Accounting Financial Statement Differentiation The financial statement displays the entire financial doings of a business into a single record. Currently there are four primary financial statements: balance sheet, income statement, retained earnings statement, and statement of cash flows (Kennon, n.d.). The balance sheet is made up of a company’s assets and liabilities; in other words the debt

Financial Statement Essay

861 words - 4 pages performed as well in this paper. The four basic financial statements are the balance sheet, income statement, retained earnings statement, and statement of cash flow (Kimmel, Weygandt, Kieso, 2011). The balance sheet is used to present a picture of what a company owns (Kimmel, Weygandt, Kieso, 2011). The balance sheet reports the amount of assets and claims to assets for a period of time (Kimmel, Weygandt, Kieso, 2011). Assets are items the

Financial Statement Essay

1291 words - 6 pages , 2009). Additional guidance is given by a specific accounting pronouncement, Accounting Research Bulletin No. 43. The combination of these two items leads to the lower of cost or market. Based on the conservatism principle and ARB No.43, retail store A would report the basketballs at $5 and recognize the loss on the 2009 income statement. The above example gives guidance when preparing inventory valuations to go into financial statements

Financial Statement Differentiation Essay

898 words - 4 pages Financial Statement Differentiation Vaughan Thompson ACC/561: Accounting March 4, 2013 Venetia N. Pitts, MBA Financial Statement Differentiation It is difficult to envision investors, creditors, and management making informed decisions sans accurate financial information. Consequently, organizations should use financial statements to communicate their financial stability, cash flows, and operational results with external and internal