= Homework: Assignment 1 Question 1, Problem 3.4.7 Part 1 of 2 HW Score: 0%, 0 of 1 point O Points: 0 of 1 Cohen Ltd has an accounting year end of 31 December 20X7. The trial balance at the year end is as follows: - X Data table F: (Click here to view the data table.) The following addition additional information is also available: Account Dr Cr 000 000 Closing inventory has been valued at 195,000 1.650 135 An invoice of 36,000 for electricity costs for the quarter ended 31 January 20X8 was received on 3 February 20X8. Electricity costs should be included in administration expenses. The allowance for trade receivables is to be increased to 4% of trade receivables. The allowance for trade receivables should be included in administrative expenses. Equipment is depreciated at 25% per annum using the reducing balance method. 500 Buildings at cost Buildings accumulated depreciation, 1 January 20X7 Equipment at cost Equipment accumulated depreciation, 1 January 20X7 Bank balance Revenue 260 160 . Buildings are depreciated at 6% per annum on original cost. 4.063 2.575 Depreciation should be included in cost of sales. 360 45 a) Prepare the income statement of Cohen Ltd for the year ended 31 December 20x7. b) Prepare the statement of financial position of Cohen Ltd as at 31 December 20x7. 564 725 Net purchases Inventory at 1 January 20X7 Cash Trade payables Trade receivables Administration expenses Allowance for receivables at 1 January 20X7 Retained earnings at 1 January 20X7 Equity shares, 1 Share premium account 756 23 282 a) Prepare the income statement of Cohen Ltd for the year ended 31 December 20x7. Complete the template with the required values. (Enter negative values in parenthesis.) 934 190 Income Statement for the year ended 31 December 20X7 6.611 6,611 000 Revenue Cost of sales Print Done Gross profit Administrative expenses Profit for the year