ACC208: Intermediate Financial Accounting

DDD Ltd ("DDD"), a company incorporated in Singapore, commenced operations on 1 July 20x4 and presents its first statement of comprehensive income for the year ended 30 June 20x5 and its first statement of financial position as at 30 June 20x5:

Statement of Comprehensive Income for the year ended 30 June 20x5 $ 8 Gross Prot 292,000 Less: Expenses Administration Expenses 32,000 Salaries Expense 80,000 Long Service Leave Expense 8,000 Warranty Expense 12,000 Depreciation Expense Plant 32,000 Insurance Expense 8,000 172,000 Accounting Prot Before Tax 120,000 Extracts of Assets and Liabilities in statement of nancial position as at 30 June 20x5 $ $ ASSETS Cash 8,000 Inventory 40,000 Accounts Receivable 40,000 Prepaid Insurance 4,000 Plant at Cost 160,000 Less Accumulated Depreciation (32,000) 128,000 TOTAL AS SETS 220,000 LIABILITIES Accounts Payable 32,000 Provision for Warranty Expenses 8,000 Loan Payable 80,000 Provision for Long Service Leave 8,000 TOTAL LLABILITIES 128,000 NET ASSETS 92,000