17. Ashton plc's income statement for the year ended 31 December 2020 and statements of financial position at 31 December 2019 and 2020 were as follows: Ashton: Income Statement for the vears ended 31 December 2019 and 2020 2019 2020 £'000 £'000 Profit before interest and tax 72 76 Interest paid (3) (4) Profit before tax 69 72 Таx (16) 56 (14) Profit after tax 55 Ashton: Statement of Financial Position as at 31 December for 2019 and 2020 2020 2019 £'000 £'000 Non Current Assets Cost 160 230 Accumulated depreciation (44) 116 (60) Net book value 170 Current Assets Inventory 20 25 Trade receivables 18 15 Cash 21 27 59 67 TOTAL ASSETS 175 237 Equity £1 Ordinary shares Retained profits 51 63 43 79 94 142 Non Current Liabilities Bank loan 30 32 Current Liabilities Trade payables 21 27 Taxation 12 16 Dividend 18 20 51 63 TOTAL EQUITY & LIABILITIES 175 237

17. Ashton plc's income statement for the year ended 31 December 2020 and statements of financial position at 31 December 2019 and 2020 were as follows: Ashton: Income Statement for the vears ended 31 December 2019 and 2020 2019 2020 £'000 £'000 Profit before interest and tax 72 76 Interest paid (3) (4) Profit before tax 69 72 Таx (16) 56 (14) Profit after tax 55 Ashton: Statement of Financial Position as at 31 December for 2019 and 2020 2020 2019 £'000 £'000 Non Current Assets Cost 160 230 Accumulated depreciation (44) 116 (60) Net book value 170 Current Assets Inventory 20 25 Trade receivables 18 15 Cash 21 27 59 67 TOTAL ASSETS 175 237 Equity £1 Ordinary shares Retained profits 51 63 43 79 94 142 Non Current Liabilities Bank loan 30 32 Current Liabilities Trade payables 21 27 Taxation 12 16 Dividend 18 20 51 63 TOTAL EQUITY & LIABILITIES 175 237

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 53BE

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