Extracts from CeeCee's accounts: Statement of Comprehensive Income, Statement of Financial Position and Statement of Changes in Equity Statement of Comprehensive Income Year ended 31 December 2008 Year ended 31 December 2007 € million € million Sales revenue 2,700 2,358 1,824 Operating costs 2,084 Operating profit Finance costs (net) 616 22 178 534 26 152 Tax expense (effective tax rate is 30%) Profit for the period 416 356 Statement of Financial Position As at 31 December 2008 As at 31 December 2007 € million €million € million € million Non-current assets (net) 1,438 1,363 Current assets Trade receivables Inventory Cash and cash equivalents 24 286 313 20 234 174 623 428 Total assets 2,061 1,791 Equity and liabilities Equity Share capital Share premium Retained earnings 50 40 1.038 50 40 830 1,128 920 Non-current labilities 300 300 Current liabilities Trade payables 455 178 419 Tax payable 152 633 571 Total equity and liabilities 2,061 1,791 Note: Paid in share capital represents 100 million shares of €0.50 each at 31 December 2008 Statement of Changes in Equity Share capital premium earnings Share Retained Total € million €million € million €million Balance at 31 December 2007 Profit for the period Dividends paid 50 40 830 416 208 920 416 208 Balance at 31 Decomber 2008 50 40 1,038 1,128
Extracts from CeeCee's accounts: Statement of Comprehensive Income, Statement of Financial Position and Statement of Changes in Equity Statement of Comprehensive Income Year ended 31 December 2008 Year ended 31 December 2007 € million € million Sales revenue 2,700 2,358 1,824 Operating costs 2,084 Operating profit Finance costs (net) 616 22 178 534 26 152 Tax expense (effective tax rate is 30%) Profit for the period 416 356 Statement of Financial Position As at 31 December 2008 As at 31 December 2007 € million €million € million € million Non-current assets (net) 1,438 1,363 Current assets Trade receivables Inventory Cash and cash equivalents 24 286 313 20 234 174 623 428 Total assets 2,061 1,791 Equity and liabilities Equity Share capital Share premium Retained earnings 50 40 1.038 50 40 830 1,128 920 Non-current labilities 300 300 Current liabilities Trade payables 455 178 419 Tax payable 152 633 571 Total equity and liabilities 2,061 1,791 Note: Paid in share capital represents 100 million shares of €0.50 each at 31 December 2008 Statement of Changes in Equity Share capital premium earnings Share Retained Total € million €million € million €million Balance at 31 December 2007 Profit for the period Dividends paid 50 40 830 416 208 920 416 208 Balance at 31 Decomber 2008 50 40 1,038 1,128
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 4SEB: SALES RETURNS AND ALLOWANCES ADJUSTMENT At the end of year 1, MCs estimates that 2,400 of the...
Related questions
Question
Question:
5. Liquidity
• Cash balance
• Overdraft and borrowings
• Current liabilities
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning