Scribd Logo
Upload

Welcome to Scribd!

  • Aasffff

    Uploaded by

    Daddy
    10 views7 pages
    Crown Co reported total comprehensive income of $16,944 for the year ended 31 December 2005. Revenue was $364,000 and cost of sales was $262,860, resulting in gross profit of $101,140. Administrative expenses totaled $34,428. Profit from operations was $22,796. After accounting for other income and expenses, net profit for the period was $16,944. Total assets were $252,508, including property, plant and equipment of $205,832. Total equity increased to $221,744, comprising share capital of $100,000 and retained earnings of $121,744.

    Original Description:

    Original Title

    aasffff

    Copyright

    © © All Rights Reserved

    Available Formats

    XLSX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    Crown Co reported total comprehensive income of $16,944 for the year ended 31 December 2005. Revenue was $364,000 and cost of sales was $262,860, resulting in gross profit of $101,140. Administrative expenses totaled $34,428. Profit from operations was $22,796. After accounting for other income and expenses, net profit for the period was $16,944. Total assets were $252,508, including property, plant and equipment of $205,832. Total equity increased to $221,744, comprising share capital of $100,000 and retained earnings of $121,744.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    10 views7 pages

    Aasffff

    Uploaded by

    Daddy
    Crown Co reported total comprehensive income of $16,944 for the year ended 31 December 2005. Revenue was $364,000 and cost of sales was $262,860, resulting in gross profit of $101,140. Administrative expenses totaled $34,428. Profit from operations was $22,796. After accounting for other income and expenses, net profit for the period was $16,944. Total assets were $252,508, including property, plant and equipment of $205,832. Total equity increased to $221,744, comprising share capital of $100,000 and retained earnings of $121,744.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 7

    Crown Co

    Statement of Total Comprehensive Income


    For the year ended: 31 December 2005

    Statement of Profit & Loss $ $


    Revenue / Sales 365,200
    Sales Return (1,200.0)
    364,000
    Cost of Sales (262,860)
    Gross Profit 101,140
    Administrative Expenses
    wages (46,160)
    Rent 13,000
    Prepaid Rent (1,000)
    (12,000)
    Motor Expense (3,720)
    Insurance (760)
    Irrecoverable debt 984
    Irrecoverable debt 130 (1,114)
    Allowance for Receivables / Irrecoverable debt 72
    expense

    Light & Heat 3,074


    Accruals 460 (3,534)
    Depreciation Expense (11,128)

    Profit from opertions 22,796


    Less Finance Cost (74)
    Add Other Income - Discount Received 1,622
    Profit Before Tax 24,344
    Less: Tax (7,300 +100) (7,400)

    Net Profit for the Period 16,944


    Workings
    Breakup of Cost of Sales $ Adjustments
    Opening Inventory 23,340
    Add: Purchases 266,800
    Less: Purchases Return (1,600)
    Less: Closing Inventory (25,680)
    262,860
    Adjustments
    Crown Co
    Statement of Financial Position
    As at: 31 December 2005

    Non Current Assets $ $


    Property Plant & Equipment -Cost 252,000
    Less: Accumulated Depreciation (46,168)
    205,832

    Current Assets
    Inventory 25,680
    Trade Receivables 17,330 CA= Cost - Accumula
    Irrecoverable Debt (130)
    Allowances for receivables (516) 16,684

    Preapid Rent 1,000


    Bank 3,312

    Total Assets 252,508

    Equity

    Share Capital 100,000


    Retained Earnings 121,744
    221,744
    Non Current Libailities

    Current Liabilities
    Trade Payables 23,004
    Heat & Light Payable (Accruals) 460
    Income Tax Payable (Accruals) 7,300
    30,764
    Total Equity & Liabilities 252,508
    Property, Plant & Equipment - Schedule
    Land Buildings Fixture & Fittings Motor Vehicles

    Opening Balance - Cost 100,000 100,000 28,000 24,000


    Less:
    Accumulated Depreciation - 0 (6,000) (16,800) (12,240)
    Opening
    Depreciation - 0 (2,000) (5,600) (3,528)
    0 (8,000) (22,400) (15,768)

    CA= Cost - Accumulated Dep 100,000 92,000 5,600 8,232


    Total

    252,000

    (35,040)

    (11,128)
    (46,168)

    205,832
    Crown Co
    Statement of Changes In Equity
    As at: 31 December 2005

    Share Capital Retained Total


    Earnings
    $ $ $
    Opening Balance 100,000 104,800 204,800

    Net profit 16,944 16,944

    Balance at 31 December (Closing) 100,000 121,744 221,744

    You might also like