Statement of Profit and Loss and Other Comprehensive Income for the yearsended 31 December20242023R'000R'000Turnover1287052 934052Operating Profit13734281768Net Finance Cost3926420862Operating Profit before taxation9807860906Income tax expense70273048Profit for the Year910515785835022237Operating profit includes Depreciationand loss on sale of fixed asset5/12Required:a) Prepare the cash flows from operating activities for the company for 2024using the available information(10 Marks)b) Perform a financial review of the company based on calculating the followingfinancial ratios and explain how it may be interpreted.Debt equity ratioTimes interest earnedCurrent ratioDebtors average collection periodInventory turnoverYour answer should include an overall assessment of the company (25 Marks)c) List the audit steps to verify the existence of inventory(10 Marks)

a) Prepare the cash flows from operating activities for the company for 2024 using the available…

Answered: Statement of Profit and Loss and Other…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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This year Last year 1050 Assets Cash 1530 Marketable securities Accounts receivable Inventories Total current assets 1810 1220 2050 1770 2900 2790 8290 6830 Gross fixed assets 29480 28090 Less: Accumulated depreciation 14680 13140 Net fixed assets 14800 14950 Total assets Liabilities and Stockholders' Equity 23090 21780 Accounts payable Notes payable Accruals 1560 1540 2760 2160 190 350 Total current liabilities 4510 4050 Long-term debt Common stock Retained earnings Total stockholders' equity 5220 4970 9950 9950 3410 2810 13360 12760 Total liabilities and stockholders' equity 23090 21780
NOPAT 8250000 EBITDA 17725000 Net Income 5050000 Capital Expenditures 6820000 After tax capital costs 6820000 Tax rate 40%Calculate the interest expense and EVA
NOPAT 8250000 EBITDA 17725000 Net Income 5050000 Capital Expenditures 6820000 After tax capital costs 6820000 Tax rate 40%Calculate the depreciation and amortization expense
identify deferred tax assets/liabilioties in the following figure Total Current Assets - - - - Total Assets 1057734 1014060 979868 976502 Cash & Due from Banks 96610 81786 73246 65619 Other Earning Assets, Total 144765 123145 118007 118805 Net Loans 759118 742473 737033 727002 Property/Plant/Equipment, Total - Net 5468 5602 5205 2383 Property/Plant/Equipment, Total - Gross - - - - Accumulated Depreciation, Total - - - - Goodwill, Net 5269 5284 5997 5974 Intangibles, Net 1674 1660 1732 1991 Long Term Investments 2865 3034 3054 3001 Other Long Term Assets, Total 4139 3830 3098 18226 Other Assets, Total 37826 47246 32496 33501 Total Current Liabilities - - - - Total Liabilities 982736 942052 908766 906908 Accounts Payable 9826 13188 9998 10285 Payable/Accrued - - - - Accrued Expenses - - - - Total Deposits 750843 701551 666300 640311 Other Bearing Liabilities, Total - - - 32 Total Short Term Borrowings 26633 16877 20346 19099…
Net Sales COGS Depreciation EBIT Interest Taxable Income Taxes Net Income 2019 Income Statement Dividends Additions to Retained Earnings 147 647.74 3,456 1,895 235 1,326 320 1,006 211.26 794.74
Solve for fy22 sales and depreciation a on the 2022 income statement. remember to reference the growth rate provided by Paul.of 0.141 FY21 FY22 Sales $24884886 Blank Cost of Goods Sold $19659044 Other Expenses $2735335 Depreciation $995395 Blank Taxable Income $1493092 Taxes (21%) $313549 Net Income $1179543 Dividends $500,000 Add. to Retained Earnings $679543
Sunland Limited reported the following selected information for the year ended March 31, 2024: Advertising expense $5,000 Income tax payable $5,200 Cash dividends-common 4,000 Interest expense 5, 100 Depreciation expense 3, 000 Loss on discontinued operations 18,000 Fees earned 66,000 Rent revenue 30, 000 Gain on disposal of equipment 1, 100 Retained earnings, April 1, 2023 15,000 Holding loss on equity investments 3,000 Telephone expense 8,000 The company's income tax rate is 30%. The company reports gains and losses on its equity investments as other comprehensive income. Prepare a multi-step income statement and a separate statement of comprehensive income for Sunland Limited.$ Profit/ (Loss) for the Year $
What amount should be recognized by Ripple as profit from sale for the year ended December 31, 2020? *a. 1,150,800b. 1,550,800c. 400,000d. 355,080
Analyze the influence of return on sales and asset turnover on the return on assets (ROA). Use absolute differences method. Year 200A Year 200B Sales, S'000 Profit, S'000 45612 46418 12116 12813 Assets, $'000 32745 33186
The following information is available for Sunland Corporation for the year ended December 31, 2022: sales revenue $840,000, other revenues and gains $91,000, operating expenses $101,000, cost of goods sold $466,000, other expenses and losses $30,500, and preferred stock dividends $40,950. The company's tax rate was 20%, and it had 70,000 common shares outstanding during the entire year. (a) Your Answer Correct Answer Your answer is partially correct. Prepare a corporate income statement. (List other revenues before other expenses.)
WhyRU Company usually depreciates its equipment using straight line method for accounting purposes, but for tax purposes its sum-of-the-years method. WhyRU Company acquired the equipment through purchase amounting to P2,400,000 on January 1,2018. Assume a tax rate of 30%. Useful life is 4 years. WhyRU Company made the following income in its income tax return available through reports for 2018 – P800,000; 2019 – P890,0000; 2020 – P1,200,000; 2021 – P1,500,000 There is no other differences between WhyRU's accounting income and taxable income for years 2018, 2019, 2020 and 2021 other than for the difference in depreciation for the equipment described.
17. Cost of goods sold Interest Dividends Depreciation Addition to retained earnings Tax rate $6,409 315 520 811 267 30% What is the operating income (EBIT) given the above information?

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