Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help me with these problems asap Additional information (1) Inventories at 31 December 2021 were valued at $40,000 (2) Depreciation charges (plant and equipment)
please help me with these problems asap
Additional information (1) Inventories at 31 December 2021 were valued at $40,000 (2) Depreciation charges (plant and equipment) for the year amounting to $27,000 and $5,000 should be included at the distribution costs and administrative expenses, respectively. (3) The income tax rate is 20% (4) A final dividend of \$0.50 per share was declared on 31 March 2022 (5) There were no disposals of any non-current assets during the year. Land was revalued at 31 December 2021 to $90,000. No entries have yet been made to record this. (6) Insurance for delivery vehicles is to be accrued as $2,000 (7) Receivables totaling $10,000 are to be written off (8) Bonus for administration director for 2021 is evaluated as 1% of gross profit (9) General reserve is to be created at $2,000 (10) Allowance for receivables should be created as 2% of net receivables Required: a) Prepare a statement of profit or loss and other comprehensive income for the year ended 31 December 2021 b) Prepare a statement of change in equity for the year ended 31 December 2021 c) Prepare a statement of financial position for the year ended 31 December 2021 d) Notes, in accordance with IAS 1 "Presentation of Financial Statements". Your answer should be as complete and informative as possible within the limits of the information given to you. An accounting policy note is also required Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started