FY 2020-21 Current Assets Petty Cash $1,200.00 Bank $31,542.95 Inventory $1,520,000.00 Accounts Receivable $2,520,000.00 Allowance for Doubtful debts -$75,600.00 $2,444,400.00 Prepayments $143,600.00 Total Current Assets $4,140,743.00 Non-Current Assets Land $1,200,000.00 Buildings $5,000,000.00 Accumulated depreciation -$625,000.00 $4,375,000.00 Vehicles $844,000.00 Accumulated depreciation -$511,000.00 $333,000.00 Plant and Equipment $780,000.00 Accumulated depreciation -$510,000.00 $270,000.00 Office Equipment $360,000.00 Accumulated depreciation -$270,000.00 $90,000.00 License $80,000.00 Less: Provision for Amortisation -$32,000.00 $48,000.00 Investments as of 30th June $2,119,500.00 Total Non-Current Assets $8,435,500.00 Total Assets $12,576,242.95 Current Liabilities Creditors - trade $1,309,200.00 Sundry Creditors Mortgage (current) $250,000.00 Long service leave position (current) $62,330.00 Annual leave position (current) $155,500.00 Accrued expense $90,075.00 GST liability $136,000.00 Income tax payable $173,731.00 Dividends payable $400,000.00 Total Current Liabilities $2,576,836.00 Non-Current Liabilities Long service leave provision $124,660.00 Annual leave position $311,000.00 Superannuation payable $8,000.00 Mortgage $3,800,000.00 Total Non-Current Liabilities $4,243,660.00 Total Liabilities $6,820,496.00 Net Assets $5,755,746.95 Owner's Equity Share Capital $2,400,000.00 Retained earnings $3,255,746.95 General reserve $100,000.00 Total Owner's Equity $5,755,746.95 Red Earth Pty Ltd Profit and Loss Statement for Year Ended 30 June 2021 FY 2020-21 FY 2019-20 Total Sales $27,903,787.20 $27,128,682.00 Purchases $17,674,544.00 $18,357,526.00 Change in inventory $661,336.00 $107,630.00 Freight - Inwards $521,120.00 $416,896.00 Total COGS $18,857,000.00 $18,882,052.00 Gross Profit