NOTES TO THE SUMMARY FINANCIAL STATEMENTS FOR THE SUMMARY STATEMENT OF FINANCIAL POSITION YEAR ENDED 31 DECEMBER, 2016. As at 31 December 2016 2015 S'000 $'000 Assets Non-current assets The accompanying notes form an integral part of these financial statements. Property, plant and equipment Trademarks 164,549 166,518 533 9,059 11,867 6 200 194.177 Retirement benefit asset Basis of preparation: These summary financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). A full version of the audited financial statements is available in the Company's Annual Report 20,277 5,050 6.200 196.076 Deferred taxation Restricted deposit Current assets Accounts receivable and prepayments Amount due from the Government of the Republic of Trinidad and Tobago Inventories 70,714 75,739 14,901 72,051 54,728 94.374 306.768 502.844 15,139 78,940 Significant Accounting Policies: The principal accounting policies adopted in the preparation of these financial statements are consistent with those used i the annual financial statements for the year ended 31 December, 2016. Restricted deposit Cash and cash equivalents 65.022 234.840 Total assets 429.017 Liabilities and equity Non-current liabilities Deferred taxation Medical and life insurance plan Lease liability Borrowings 43,564 16,833 932 24.452 85.781 34,384 17,194 932 52.510 Current liabilities Accounts payable and accruals Current tax payable Amount due to the Govemment of the Republic of Trinidad and Tobago (GORTT) Current portion of finance lease liability Borrowings 47,013 4,655 62,120 11,622 603 125,254 189.147 274.928 9,623 1,347 107,613 180.703 233,213 Total liabilities Shareholders' equity Stated capital Other equity Retained eamings CARIBBEAN FLOUR MANUFACTURING COMPANY LIMITED 120,200 (2,633) 110.349 227.916 502.844 120,200 75.604 195.804 429.017 The Caribbean Flour Manufacturing Company Limited (CFMCL) has been in existence since 1972. It is a publicly traded company which produces foods for human and animal consumption. Specifically CFMCL produces wheat-based products such as all-purpose flour, bakers' flour, cake flour, self-rising flour, wheat germ, wheat bran and wheat cereal. Similarly, it produces split peas flour, baking powder, custard powder and icing sugar. For animals, CFMCL produces feed for chickens, ducks, goats, dairy, sheep, pigs, horses, fish, rabbits, puppies and dogs. This company also sells parboiled rice, brown rice, soya bean oil, tea, coconut milk and instant yeast. Total lilabilities and equity SUMMARY STATEMENT OF COMPREHENSIVE INCOME Year ended 31 December 2016 $'000 470,509 (330.518) 139,991 2015 $'000 481,214 (365.463) 115,751 Revenue Cost of sales Gross profit

NOTES TO THE SUMMARY FINANCIAL STATEMENTS FOR THE SUMMARY STATEMENT OF FINANCIAL POSITION YEAR ENDED 31 DECEMBER, 2016. As at 31 December 2016 2015 S'000 $'000 Assets Non-current assets The accompanying notes form an integral part of these financial statements. Property, plant and equipment Trademarks 164,549 166,518 533 9,059 11,867 6 200 194.177 Retirement benefit asset Basis of preparation: These summary financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). A full version of the audited financial statements is available in the Company's Annual Report 20,277 5,050 6.200 196.076 Deferred taxation Restricted deposit Current assets Accounts receivable and prepayments Amount due from the Government of the Republic of Trinidad and Tobago Inventories 70,714 75,739 14,901 72,051 54,728 94.374 306.768 502.844 15,139 78,940 Significant Accounting Policies: The principal accounting policies adopted in the preparation of these financial statements are consistent with those used i the annual financial statements for the year ended 31 December, 2016. Restricted deposit Cash and cash equivalents 65.022 234.840 Total assets 429.017 Liabilities and equity Non-current liabilities Deferred taxation Medical and life insurance plan Lease liability Borrowings 43,564 16,833 932 24.452 85.781 34,384 17,194 932 52.510 Current liabilities Accounts payable and accruals Current tax payable Amount due to the Govemment of the Republic of Trinidad and Tobago (GORTT) Current portion of finance lease liability Borrowings 47,013 4,655 62,120 11,622 603 125,254 189.147 274.928 9,623 1,347 107,613 180.703 233,213 Total liabilities Shareholders' equity Stated capital Other equity Retained eamings CARIBBEAN FLOUR MANUFACTURING COMPANY LIMITED 120,200 (2,633) 110.349 227.916 502.844 120,200 75.604 195.804 429.017 The Caribbean Flour Manufacturing Company Limited (CFMCL) has been in existence since 1972. It is a publicly traded company which produces foods for human and animal consumption. Specifically CFMCL produces wheat-based products such as all-purpose flour, bakers' flour, cake flour, self-rising flour, wheat germ, wheat bran and wheat cereal. Similarly, it produces split peas flour, baking powder, custard powder and icing sugar. For animals, CFMCL produces feed for chickens, ducks, goats, dairy, sheep, pigs, horses, fish, rabbits, puppies and dogs. This company also sells parboiled rice, brown rice, soya bean oil, tea, coconut milk and instant yeast. Total lilabilities and equity SUMMARY STATEMENT OF COMPREHENSIVE INCOME Year ended 31 December 2016 $'000 470,509 (330.518) 139,991 2015 $'000 481,214 (365.463) 115,751 Revenue Cost of sales Gross profit

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 7Q: What is the effect on the accounting equation when a business pays the balance due on accounts...

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