Calculations - Assignment Example

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Calculations

352,000 Purchases ?150,000 Opening Inventory ?65,000 Cost of Goods Available for Sale ?215, 000 Less Closing inventory ?70, 000 Cost of Goods Sold ?145, 000 Gross Profit ?207, 000 Property depreciation (5% using straight line method) ?5100 Plant and equipment depreciation (20% ) ?19500 Distribution cost ?58,000 Dividends paid ?12, 000 Administrative expenses outstanding ?4,500 Less distribution costs prepaid ?10, 000 Total Expenses ?77100 Net Profit before Tax ?129900 Corporation tax (22%) ?17500 Net Income ?112,400 c) Statement of financial position Julyfest Limited Balance Sheet for the year ended 31st May 2012 ASSETS Current Assets Inventory 70,000 Cash and cash equivalents 63,500 Account Receivables 87,000 Prepaid distribution cost 10,000 Total Current Assets 230,500 Fixed Assets Property 102,000 Cost of plant and equipment 98,000 Less Accumulated Depreciation 30,000 Total Fixed Assets 170,000 TOTAL ASSETS 400,500 LIABILITIES Current Liabilities Trade payables 37,000 Interest Unpaid Bond 6,500 Taxes 17,500 Purchases 150,000 SHAREHOLDERS’ EQUITY Equity shares 100,000 Retained Profits 59,500 Share premium 30,000 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 400,500 Task Two Statement of cash flows provides important information to those ...Show more

Summary

Julyfest Limited Financial analysis Name Institution Task One a) Trial Balance Julyfest Limited Trial Balance as at 31st May 2012 Account Title Debit (?) Credit (?) Sales 352,000 Purchases 150,000 Opening Inventory 65,000 Property 102,000 Cost of plant and equipment 98,000 Accumulated depreciation 1/6/2011 Property 20,000 Plant and equipment 10,000 Administrative expenses 38,000 10% Bonds 65,000 Equity shares (?…
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