Homework Help is Here – Start Your Trial Now!
Business
Accounting
tout below are the financial statements of Emma, a limited liability company. ATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 20X2 les revenue st of sales oss profit stribution costs ministrative expenses nance costs fit before tax

tout below are the financial statements of Emma, a limited liability company. ATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 20X2 les revenue st of sales oss profit stribution costs ministrative expenses nance costs fit before tax

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter1: Accounting And The Financial Statements
Section: Chapter Questions
Problem 46E: OBJECTIVE 6 Exercise 1-46 Income Statement ERS Inc. maintains and repairs office equipment. ERS had...
See similar textbooks
icon
Related questions
Question

please help me to solve this problem 

Exercise 3 Set out below are the financial statements of Emma, a limited liability company. STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 20X2 Sales revenue Cost of sales Gross profit Distribution costs Administrative expenses Finance costs Profit before tax Income tax expense Profit for the year STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER Non-current assets Tangible assets Intangible assets Investments Current assets Inventories Receivables Cash in hand Equity and liabilities Share capital ($1 ordinary shares) Share premium account Revaluation surplus Retained earnings Non-current liabilities Long-term loan Current liabilities Trade payables Bank overdraft Taxation (3) 20X2 $'000 Cost/valuation Accumulated depreciation Carrying amount 380 250 630 150 390 52 592 1,222 200 160 100 160 620 100 127 85 290 502 1,222 Additional information. (1) The proceeds of the sale of non-current asset investments amounted to $30,000. (2) Fixtures and fittings, with an original cost of $85,000 and a carrying amount of $45,000, were sold for $32,000 during the year. The following information relates to property, plant and equipment. ********** *888*8 02-88| 88586| ' 98393| 31.12.20X2 31.12.20X1 $'000 $'000 720 595 340 290 380 305 Some items of PPE were revalued during the year. (4) 50,000 $1 ordinary shares were issued during the year at a premium of 20c per share. Complete the following sections of the statement of cash flows for the year ended 31 December 20X2 for Emma
Transcribed Image Text:Exercise 3 Set out below are the financial statements of Emma, a limited liability company. STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 20X2 Sales revenue Cost of sales Gross profit Distribution costs Administrative expenses Finance costs Profit before tax Income tax expense Profit for the year STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER Non-current assets Tangible assets Intangible assets Investments Current assets Inventories Receivables Cash in hand Equity and liabilities Share capital ($1 ordinary shares) Share premium account Revaluation surplus Retained earnings Non-current liabilities Long-term loan Current liabilities Trade payables Bank overdraft Taxation (3) 20X2 $'000 Cost/valuation Accumulated depreciation Carrying amount 380 250 630 150 390 52 592 1,222 200 160 100 160 620 100 127 85 290 502 1,222 Additional information. (1) The proceeds of the sale of non-current asset investments amounted to $30,000. (2) Fixtures and fittings, with an original cost of $85,000 and a carrying amount of $45,000, were sold for $32,000 during the year. The following information relates to property, plant and equipment. ********** *888*8 02-88| 88586| ' 98393| 31.12.20X2 31.12.20X1 $'000 $'000 720 595 340 290 380 305 Some items of PPE were revalued during the year. (4) 50,000 $1 ordinary shares were issued during the year at a premium of 20c per share. Complete the following sections of the statement of cash flows for the year ended 31 December 20X2 for Emma
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Value Chain Analysis
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.
Similar questions
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS