CARIBBEAN CREAM LIMITED Statement of Financial Position February 28, 2021 (Expressed in Jamaica dollars unless otherwise stated) Notes 2021 2020 NON-CURRENT ASSETS Property, plant and equipment 4 825,483,694 773,143,905 Right-of-use assets 5 (a) 93,044,425 95,435,877 Total non-current assets 918,528,119 868,579,782 CURRENT ASSETS Cash and cash equivalents 6 217,283,548 129,196,815 Trade and other receivables 7 93,514,369 58,211,081 Tax recoverable 779,621 Inventories 162,352,192 117,774,685 Total current assets 473,150,109 305,962,202 CURRENT LIABILITIES Trade and other payables 214,491,486 185,346,512 Taxation payable 10,734,482 Current portion of lease liabilities 5 (b) 17,456,686 19,539,121 Current portion of long-term loans 10 6,977,778 27,441,951 Total current liabilities 249,660,432 232,327,584 Net current assets 223,489,677 73,634,618 Total assets less current liabilities 1,142,017,796 942,214,400 NON-CURRENT LIABILITIES Long-term loans 10 206,927,474 104,972,207 Lease liabilities 5 (b) 86,580,789 79,622,207 Deferred tax liability 11 14,576,941 13,389,525 Total non-current liabilities 308,085,204 197,983,939 EQUITY Share capital 12 111,411,290 111,411,290 Accumulated profits 722,521,302 632,819,171 Total equity 833,932,592 744,230,461 Total non-current liabilities and equity 1,142,017,796 942,214,400 CARIBBEAN CREAM LIMITED Statement of Profit or Loss and Other Comprehensive Income Year ended February 28, 2021 (Expressed in Jamaica dollars unless otherwise stated) Notes 2021 2020 Gross operating revenue 13 1,870,188,069 1,706,358,991 Cost of operating revenue 14 (a) (1,245,049,430) (1,160,747,229) Gross profit 625,138,639 545,611,762 Other income 1,994,192 625,138,639 547,605,954 Administrative, selling and distribution expenses: Administrative 14 (b) (427,856,374) (395,323,017) Selling and distribution 14 (c) (60,656,587) (68,301,238) (488,512,961) (463,624,255) Impairment recovered/(loss) on trade receivables 7 (i) 1,804,151 (2,673,129) Operating profit before finance costs and taxation 138,429,829 81,308,570 Finance income - interest 1,333,200 1,133,753 Finance costs 15 (21,262,694) (20,270,767) Profit before taxation 118,500,335 62,171,556 Taxation 16 (17,819,728) (7,602,157) Profit, being total comprehensive income for the year 100,680,607 54,569,399 Earnings per stock unit 17 0.27 0.14

CARIBBEAN CREAM LIMITED Statement of Financial Position February 28, 2021 (Expressed in Jamaica dollars unless otherwise stated) Notes 2021 2020 NON-CURRENT ASSETS Property, plant and equipment 4 825,483,694 773,143,905 Right-of-use assets 5 (a) 93,044,425 95,435,877 Total non-current assets 918,528,119 868,579,782 CURRENT ASSETS Cash and cash equivalents 6 217,283,548 129,196,815 Trade and other receivables 7 93,514,369 58,211,081 Tax recoverable 779,621 Inventories 162,352,192 117,774,685 Total current assets 473,150,109 305,962,202 CURRENT LIABILITIES Trade and other payables 214,491,486 185,346,512 Taxation payable 10,734,482 Current portion of lease liabilities 5 (b) 17,456,686 19,539,121 Current portion of long-term loans 10 6,977,778 27,441,951 Total current liabilities 249,660,432 232,327,584 Net current assets 223,489,677 73,634,618 Total assets less current liabilities 1,142,017,796 942,214,400 NON-CURRENT LIABILITIES Long-term loans 10 206,927,474 104,972,207 Lease liabilities 5 (b) 86,580,789 79,622,207 Deferred tax liability 11 14,576,941 13,389,525 Total non-current liabilities 308,085,204 197,983,939 EQUITY Share capital 12 111,411,290 111,411,290 Accumulated profits 722,521,302 632,819,171 Total equity 833,932,592 744,230,461 Total non-current liabilities and equity 1,142,017,796 942,214,400 CARIBBEAN CREAM LIMITED Statement of Profit or Loss and Other Comprehensive Income Year ended February 28, 2021 (Expressed in Jamaica dollars unless otherwise stated) Notes 2021 2020 Gross operating revenue 13 1,870,188,069 1,706,358,991 Cost of operating revenue 14 (a) (1,245,049,430) (1,160,747,229) Gross profit 625,138,639 545,611,762 Other income 1,994,192 625,138,639 547,605,954 Administrative, selling and distribution expenses: Administrative 14 (b) (427,856,374) (395,323,017) Selling and distribution 14 (c) (60,656,587) (68,301,238) (488,512,961) (463,624,255) Impairment recovered/(loss) on trade receivables 7 (i) 1,804,151 (2,673,129) Operating profit before finance costs and taxation 138,429,829 81,308,570 Finance income - interest 1,333,200 1,133,753 Finance costs 15 (21,262,694) (20,270,767) Profit before taxation 118,500,335 62,171,556 Taxation 16 (17,819,728) (7,602,157) Profit, being total comprehensive income for the year 100,680,607 54,569,399 Earnings per stock unit 17 0.27 0.14

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....

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