8 N O W W N OV e W N, O W Account Name Balance (2023) N e WY, O T T Income tax Expense 600,000 Decrease in property valulation 35,000 Property, Plant, Equipment ? Solve Current Assets 6,500,000 Cost of Sales 9,500,000 Distribuiton Costs 900,000 Common Shares Issued 755,000 Finance Costs 110,000 Stock Option Compenstation 40,000 Profit before Taxes 1,730,000 Retained Earnings(end of year 2023) 5,000,000 Dividends Paid 130,000 Other Income 40,000 Gross Profit 3,500,000 Share Captial (end of year 2023) 3,395,000 Contributed surplus (beginnning of year 2023) 60,000 Non-Current Liablilities 5,000,000 Change in Currency Translation(income) 40,000 Retained Earnings(beginning of year 2023) 4,000,000 Administrative Expenses 800,000 Total Liabilities 8,000,000 Total Assets 16,500,000 Current Asset - Components Inventories Trade Receivables Prepaid expenses Cash and cash equivalents 50% of Cost of Sales 15% of Cost of Sales 2.5% of Cost of Sales Solve Current Asset - Components Inventories Trade Receivables Prepaid expenses Cash and cash equivalents Current Liabilities - Components Trade and other payables Short-term borrowings Current position of long-term borrowings 50% of Cost of Sales 15% of Cost of Sales 2.5% of Cost of Sales Solve 25% of Cost of Sales Solve 10% of Non-Current Liabilities I he Statement of Financial Position has sub-components for Current Assets and Current Liabilities, but these amounts are not given directly. Often these sub- component amounts might be percentages of other amounts. For example, Inventories, Trade Receivables and Prepaid Expenses are associated with Cost of Sales. Also, Trade and other payables (i.e. Accounts Payable) might also be linked to Costs of Sales. Current position of long-term borrowings will be often a portion of Non-Current Liabilities (Long Term Debt). Reed Geophysical Inc. Statement of Income For the year ended December 31, 2023 Revenue (Sales) Cost of Sales Gross Profit Other income Expenses Administrative expenses Distribution costs Total Expenses Finance costs Total Expenses and Finance Costs Profit before taxes Income tax expense Profit for the year Reed Geophysical Inc. Statement of Comprehensive Income For the year ended December 31, 2023 (in$) Profit for the year Profit for the year Reed Geophysical Inc. Statement of Comprehensive Income For the year ended December 31, 2023 (in$) = O 66666060 @ @3 Profit for the year - Other comprehensive income/loss Change in currency Translation Decrease in property valuation Total other comprehensive income/loss for the year Total Comprehensive income Reed Geophysical Inc. Statement of Changes in Equity For the year ended December 31, 2023 (in$) 2023 Share Capital Balance at beginning of year Common shares issued Balance at end of year Contributed Surplus Balance at beginning of year Stock option compensation Balance at end of year Retained Earnings Balance at beginning of year Profit applicable to common share holders Dividends paid Balance at end of year Total Other Comprehensive Income/Loss for the year Balance at beginning of year Change in currency translation Change in property revaluation (Decrease) Balance at end of year Total Equity 2022 The previous year ending balance is equal to the next year beginning balance. Or reverse you have the balance for either the ending or begining- therefore complete as required. Reed Geophysical Inc. Statement of Financial Position As at December 31, 2023 (in$) Assets Non-current assets Property, plant, and equipment Decrease in property revaluation Total non-current assets Current assets Inventories (50% of Cost of Sales) Trade Receivables (15% of Cost of Sales) Prepaid expenses (2.5% of Cost Of Sales) Cash and cash equivalents (Solve) Total current assets Total assets Equity and liabilities Equity Contributed equity Share capital Retained earnings Other Comprehensive Income/Loss Total equity Non-current liabilities FinancialStatement Assignment Accountinformation IncomeComprelnc Please keep in mind that if you have the Totals for the account categories.You should enter amounts for the unknown account balances to demonstrate that the values will equate to the total given. You know the total assests is $16,500,000 so therefore enter amounts for the unknown accounts- do not leave anything blank as long as the Non current assets and current assets equal the total Assets. You should also apply some basic accounting knowledge in that your current assests such as cash, receiveables should not be as high as you fixed assests such as Property Plant and Equipment or non-current assets. You do not likely have more money in your Bank account than what your home or Building is valued at. Therefore the Non- current assets should be a higher value than the current assets. Remember the Basic Accounting Equation States ASSETS = LIABILTIES + EQUITY ChangeEquity Therefore the amount in Cell C40 should equal the amount in Cell C20 FinancialPosition .y ] Non-current liabilities Current liabilities Trade and other payables (25% of Cost of Sales) Short-term borrowings (Solve) Current position of long-term borrowings (10% of Non- Current Liabilities) Total current liabilities Total liabilities Total equity and liabilities