The following are the statement of comprehensive income and financial position of Jones Limited as at December 31st, 2019: Jones Limited Statement of Comprehensive Income for the Year Ended 31st December 2019 GH₵ GH₵ Net profit 45,200 Jones Limited Statement of Financial Position as at 31st December 2019 31/1/2019 31/1/2018 GH₵ GH₵ Non-current assets 209,600 150,000 Accumulated depreciation (38,000) (24,000) 171,600 126,000 Current assets Inventory 19,600 21,000 Receivables 20,400 17,200 Bank 11,400 10,000 Cash 8,400 3,600 59,800 51,800 Total assets 231,400 177,800 Equity capital Stated capital 103,600 42,400 Income surplus 56,600 160,200 45,200 87,600 Noncurrent liabilities Long term loan 40,000 60,000 Current liabilities Trade payable 20,000 21,400 Dividend payable 6,000 5,400 Taxation 5,200 31,200 3,400 30,200 Total equity and liabilities 231,400 177,800 Notes During the year plant which originally cost GH₵16,000 and with depreciation of GH₵3,000 was disposed for GH₵12,000. Required: (a)(b) Prepare the Statement of Cash-flow for Simons Limited for the year ended 31st December, 2018.

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 7E: Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income On December...

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The following are the statement of comprehensive income and financial position of Jones Limited as at December 31^st, 2019:

Jones Limited

Statement of Comprehensive Income for the Year Ended 31^st December 2019

	GH₵	GH₵
Net profit		45,200

Jones Limited

Statement of Financial Position as at 31^st December 2019

		31/1/2019		31/1/2018
		GH₵		GH₵
Non-current assets		209,600		150,000
Accumulated depreciation		(38,000)		(24,000)
		171,600		126,000
Current assets
Inventory	19,600		21,000
Receivables	20,400		17,200
Bank	11,400		10,000
Cash	8,400		3,600
		59,800		51,800
Total assets		231,400		177,800
Equity capital
Stated capital	103,600		42,400
Income surplus	56,600	160,200	45,200	87,600
Noncurrent liabilities
Long term loan		40,000		60,000
Current liabilities
Trade payable	20,000		21,400
Dividend payable	6,000		5,400
Taxation	5,200	31,200	3,400	30,200
Total equity and liabilities		231,400		177,800

Notes

During the year plant which originally cost GH₵16,000 and with depreciation of GH₵3,000 was disposed for GH₵12,000.

Required:

(a)(b) Prepare the Statement of Cash-flow for Simons Limited for the year ended 31^st December, 2018.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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