The annual financial statements of Hunter Ltd for the financial years ended 31 December 2018 and 2019 are presented below. Hunter Limited Statement of profit or loss and other comprehensive income for the vear ended 31 December 2019 2019 2018 R R Revenue from sales 540 000 480 000 Cost of Sales (360 000) (318 000) Opening Inventory 42 000 30 000 Purchases 390 000 330 000 Goods available for sale 432 000 360 000 Closing Inventory (72 000) (42 000) Gross Profit 180 000 162 000 Selling and distribution expenses (37 000) (36 000) Administration expenses (72 000) (54 000) Interest on loan (3 000) (3 000) Profit before taxation 68 000 69 000 Taxation paid (20 400) (20 700) Profit for the year 47 600 48 300 Other comprehensive income Nil Nil Total comprehensive income for the year 47 600 48 300 Hunter Limited Statement of changes in equity for the year ended 31 December 2019 Ordinary Retained Preference Total Share capital earnings share capital Balance at 1 January 2018 120 000 12 000 60 000 192 000 Total comprehensive income 48 300 48 300 Preference dividends paid (6 000) (6 000) Ordinary dividends declared (24 000) (24 000) Balance at 31 December 2018 120 000 30 300 60 000 210 300 Total comprehensive income 47 600 47 600
The annual financial statements of Hunter Ltd for the financial years ended 31 December 2018 and 2019 are presented below. Hunter Limited Statement of profit or loss and other comprehensive income for the vear ended 31 December 2019 2019 2018 R R Revenue from sales 540 000 480 000 Cost of Sales (360 000) (318 000) Opening Inventory 42 000 30 000 Purchases 390 000 330 000 Goods available for sale 432 000 360 000 Closing Inventory (72 000) (42 000) Gross Profit 180 000 162 000 Selling and distribution expenses (37 000) (36 000) Administration expenses (72 000) (54 000) Interest on loan (3 000) (3 000) Profit before taxation 68 000 69 000 Taxation paid (20 400) (20 700) Profit for the year 47 600 48 300 Other comprehensive income Nil Nil Total comprehensive income for the year 47 600 48 300 Hunter Limited Statement of changes in equity for the year ended 31 December 2019 Ordinary Retained Preference Total Share capital earnings share capital Balance at 1 January 2018 120 000 12 000 60 000 192 000 Total comprehensive income 48 300 48 300 Preference dividends paid (6 000) (6 000) Ordinary dividends declared (24 000) (24 000) Balance at 31 December 2018 120 000 30 300 60 000 210 300 Total comprehensive income 47 600 47 600
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
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 8E: Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives...
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