ABC Limited list of balances on December 31, 2019 $000 Sales Cost of sales 727,911 394,481 Distribution costs Administrative expenses Other operating expenses 70,262 90,530 32,150 Other operating income 16,300 Finance costs paid 900 Corporation tax charge for (Note 4) 46,208 Deferred taxation (Note 3) 6,280 Corporation tax payable (taken to Statement of Financial 20,648 Position) Property, plant & equipment 153,300 Accumulated depreciation 61,300 Long-term receivables 3,650 Trade receivables 150,126 Allowance for bad debts 7,506 Other receivables and prepayments 5,513 Cash and bank deposits 66,722 Issued ordinary share capital 200,000 General reserve 2,000 Profit & Loss Account: January 1, 2019 151,419 Long term loan 6,000 Trade payables 98,880 Other payables and accruals 21,625 Ordinary dividends paid 30,000 Closing inventories 276,027 Additional information: 1. Current portion of long term receivable $1,000,000. 2. Current portion of long term loan $2,000,000. 3. Deferred taxation is to be reduced by $246,000. 4. Decrease corporation tax by $1,526,000. 5. Allowance for bad debts is 5% of trade debtors. 6. Interest rate of 15% per annum is charged on the long term loan. No interest was outstanding at the beginning or at the end of the financial year. 7. Issued share capital on January 1, 2019, and on December 31, 2019 is 100,000,000 ordinary shares 8. Authorized share capital: 500,000,000 ordinary shares 9. All finance costs were paid during the financial year. 10. The following relates to 2018: $000 Sales 950,450 Cost of sales 575,565 Profit before interest & taxation 159,550 Taxation charge 35,600 11.Property, plant and equipment: Assets Cost Accumulated Charge for the (Jan 1, 2019) Depreciation year (Jan 1, 2019) $000 $000 $000 Land 8,920 Buildings 41,000 2,970 1,025 Plant & machinery 32,200 12,880 6,440 Furniture, fixtures & 9,200 7,165 1,740 equipment Motor vehicles 60,000 17,480 12,000 During the year equipment acquired amounted to $2,480,000 and equipment costing $500,000 with accumulated depreciation of $400,000 was disposed of for $150,000. Required: a. Prepare the Statement of Comprehensive Income for the year ended December 31, 2019. b. Prepare the Statement of Changes in Equity for the year ended December 31, 2019. c. Prepare the Statement of Financial Position as at December 31, 2019. Comparative figures are required. d. Prepare the Statement of Cash Flow for the year ended December 31, 2019. e. Calculate the following ratios for ABC Limited for both years ended 31 December 2018 and 2019 and provide a brief assessment of the results. (Show your workings): i. Return on year-end capital employed (profit before interest and tax over total assets less current liabilities) ii. Net asset (equal to capital employed) turnover iii. iv. V. Net profit (before tax) margin Current ratio Closing inventory holding period (in days) vi. Trade receivables' collection period (in days) vii. Trade payables' payment period (based on cost of sales) (in days) viii. Gearing (debt over debt plus equity)