7 lot yet nswered Marked out of 6.00 Flag question Genius Ltd (taken from Week 1 with more zeros!) - This is a very simple question. Your actual assessment will not be as easy as this!! It is just so you can see how a larger scenario question like this would look. The first financial year saw the company: 1. Issue 100,000 ordinary shares with a nominal value of 1 at 1 for cash. 2. Obtain a 50,000 bank loan @ 10% annual interest - loan repayable at end of 5 years. Time left 1:56:40 3. Pay annual rent for the year of 5,000. 4. Buy equipment for 50,000 cash, to be used for 5 years, depreciated straight line 5. Buy inventory on credit (on account) for 50,000; by end of year still owed 10,000 of that 50,000). 6. Sold on account/credit terms for 80,000, 80% of inventory bought; by end of year, account customers still owed 20,000 of that 80,000. 7. Paid various expenses totalling 5,000, all paid in cash 8. Paid bank loan interest of 5,000, and calculated tax bill as 3,000. 9. Too