Essays (NB: Please save frequently or type in a word editor then upload your file or copy and paste here) Meat Limited Trial Balance for the year ended December 31, 2017 as follows: 15% Debentures 10% Preference Share Capital Ordinary share capital General reserves Accumulated profit & loss as Debit Credit $ $ 200,000 800,000 7,625 500,000 751,010 January 1, 2017 Revenues 4,750,500 Cost of sales 3,182,800 Debenture interest paid for 37,500 2017 Salaries 681,250 Insurance 66,325 Utilities expense 109,265 Maintenance expense 26,110 Rental income 17,875 Rental expense 110,000 Equipment 250,000 Provision for depreciation on 100,000 equipment Trade receivables 681,350 Cash & bank 1,032,400 Closing inventory Trade payables 861,010 86,000 Dividends paid 175,000 7,213,010 7,213,010 Additional information: $200,000 of the Debenture will be repaid on March 31, 2018. Maintenance expense unpaid on December 31, 2017 amounts to $1,600. Rental income for December 2017 amounting to $1,625 was received in January 2018. Insurance prepaid for 2017 amounting to $12,000. Provide for corporation tax of $137,280 for 2017. Transfer $5,000 to general reserves. Weighted average number of ordinary shares in issue during the financial year amounted to $800,000. Provide for depreciation on the equipment. Depreciation is being provided for on the reducing balance basis at a rate of 20% per annum. Required: a) Prepare the Statement of Profit or Loss for the year ended December 31, 2017. b) Prepare the Statement of Financial Position as at December 31, 2017. (30 marks) (30 marks)