marks] QUESTION 2 (30 Marks) The following information has been extracted from the financial statements of...

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marks] QUESTION 2 (30 Marks) The following information has been extracted from the financial statements of Wayne Ltd and its subsidiary Greg Ltd at 30 June 2019. Wayne Ltd (S) Greg Ltd (5) Reconciliation of opening and closing retained earnings Sales revenue 593,400 498,800 Cost of goods sold -399,040 -204,680 Gross profit 194,360 294,120 Dividends revenue from Greg Ltd 63,984 Management fee revenue 22,790 Profit on sale of plant 30,100 Expenses Administrative expenses -26,488 -33,282 Depreciation -21,070 48,848 Management fee expense -22,790 Other expenses -86,946 -66,220 Profit before tax 176,730 122.980 Tax expense -52,890 -36,292 Profit for the year 123,840 86,688 Retained earnings-30 June 2018 274,684 205,712 398,524 292,400 Dividends paid -118,164 -79,980 Retained earnings-30 June 2019 280,360 212,420 Statements of financial position Shareholders' equity Retained earnings 280,360 212.420 Share capital 301,000 172,000 Current liabilities: Accounts payable 47,042 39,818 Tax payable 35,518 21,500 Non-current liabilities: Loans 149,210 99,760 Total Liability and Equity 813,130 545,498 Current assets: Accounts receivable 51,084 53,578 79,120 24,940 Inventory Non-current assets: Land and buildings 192,640 280,360 257,871 305,988 Plant -at cost Accumulated depreciation -73,745 -119,368 Investment in Greg Ltd 306,160 813,130 545,498 Total Assets Accounting Assignment Semester 2, 2022 marks] QUESTION 2 (30 Marks) The following information has been extracted from the financial statements of Wayne Ltd and its subsidiary Greg Ltd at 30 June 2019. Wayne Ltd (S) Greg Ltd (5) Reconciliation of opening and closing retained earnings Sales revenue 593,400 498,800 Cost of goods sold -399,040 -204,680 Gross profit 194,360 294,120 Dividends revenue from Greg Ltd 63,984 Management fee revenue 22,790 Profit on sale of plant 30,100 Expenses Administrative expenses -26,488 -33,282 Depreciation -21,070 48,848 Management fee expense -22,790 Other expenses -86,946 -66,220 Profit before tax 176,730 122.980 Tax expense -52,890 -36,292 Profit for the year 123,840 86,688 Retained earnings-30 June 2018 274,684 205,712 398,524 292,400 Dividends paid -118,164 -79,980 Retained earnings-30 June 2019 280,360 212,420 Statements of financial position Shareholders' equity Retained earnings 280,360 212.420 Share capital 301,000 172,000 Current liabilities: Accounts payable 47,042 39,818 Tax payable 35,518 21,500 Non-current liabilities: Loans 149,210 99,760 Total Liability and Equity 813,130 545,498 Current assets: Accounts receivable 51,084 53,578 79,120 24,940 Inventory Non-current assets: Land and buildings 192,640 280,360 257,871 305,988 Plant -at cost Accumulated depreciation -73,745 -119,368 Investment in Greg Ltd 306,160 813,130 545,498 Total Assets Accounting Assignment Semester 2, 2022