INFORMATION

Silverline Ltds Statement of Comprehensive Income for the year ended 31 December 2019 and Statement of Financial Position as at 31 December 2018 and 2019 are as follows:

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2019

Sales (all credit) Cost of sales

R

1 152 000

(614 000)

Gross profit 538 000

Other operating income 42 000

Gross operating income Distribution expenses Administrative expenses Operating profit

Interest income Interest expense

580 000

(130 000)

(52 000)

398 000

34 000

(46 000)

Profit before tax 386 000

Income tax (92 000)

Profit after tax 294 000

SS

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER:

2019

R

2018

R

ASSETS

Non-current assets 1 132 000 1 100 000

Property, plant and equipment: 1 132 000 1 100 000

Current assets 360 000 330 000

Inventories 82 000 88 000

Trade and other receivables (All accounts receivable) 200 000 212 000

Cash and cash equivalents 78 000 30 000

Total assets 1 492 000 1 430 000

EQUITY AND LIABILITIES

2019

R

2018

R

Equity 726 000 352 000

Ordinary share capital Retained earnings

480 000

246 000

300 000

52 000

Non-current liabilities 500 000 800 000

Long-term borrowings 500 000 800 000

Current liabilities 266 000 278 000

Trade and other payables 220 000 246 000

SARS: Income tax 46 000 32 000

Total equity and liabilities 1 492 000 1 430 000

Additional information

1. Additional plant and machinery were purchased during 2019. There were no other non-current asset acquisitions or disposals. Depreciation for 2019 amounted to R158 000.

2. An interim dividend of R100 000 was paid on ordinary shares during 2019. No final dividends were declared.