Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please I need help, I already solved this assignment I just need someone to review it for me and let me know if there are
Please I need help, I already solved this assignment I just need someone to review it for me and let me know if there are any mistakes before I submit it, the due date is on Monday before 3:00 pm. if I did not get the full mark on this assignment I will fail the course, it is my last hope. Also if you help me with the written submission it will be appreciated. Thank you.
ROOT LTD. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2022 CANADIAN DOLLARS (millions of dollars) Revenue 7 Sales Revenue * 8 Rent Revenue Interest Revenue Other Revenues Total revenues Operating expenses Cost of Goods sold Wages expense Salary expense Benefit expense Research and development expense Repairs and maintenance expense Sales and distribution costs expense Depreciation expense - equipment Depreciation expense - vehicles Depreciation expense - furniture Depreciation expense - office building Insurance expense Property taxes expense Food and beverage expense Supplies expense Interest expense Information technology expense Advertising expense Total operating expenses 3 Profit before income tax 34 Income Tax expense Profit * Denotes all of these sales were made on credit ROOT LTD. STATEMIENT OF FINANCLAL POSIIION AS AT DECEMBER 31, 2022 CANADIAN DOLLARS (millions of dollars) ASSETS Current assets Cash Short-term investments Accounts receivable Inventory Spare parts and supplies inventory Prepaid Maintenance Prepaid expenses Total current assets Investments 208 Property plant, and equipment Land Office Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Vehicles Less: Accumulated depreciation Furniture Less: Accumulated depreciation Total property, plant and equipment 4,698 Intangible assets Trademark Patent Total intangible assets Total Assets Liabilities and Shareholders' Equity Current Liabilities Accounts payable Accrued liabilities Unearned Revenue Current portion of bank loan and mortgage payable Income Tax payable Total Current Liabilities 2,508 Non-current liablities Bank loan payable Mortgage Payable Bond payable Total Non-current liablitities Total Liablities Shareholders' Equity Preferred Shares Common Shares Retained Earning Total Shareholders' Equity Total liabilities and shareholders' equity There were no preferred dividends declared this year. The Weighted Average number of common shares outstanding are. 25,000,000 The Market price per common share is : ARROW LTD. STATEMENT OF FINANCLAL POSITION AS AT DECEMBER 31,2022 CANADIAN DOLLARS (millions of dollars) ASSETS Current assets Cash Short-term investments Accounts receivable Inventory Spare parts and supplies inventory Prepaid Maintenance Prepaid expenses Total current assets Investments 225 Property plant, and equipment Land Office Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Vehicles Less: Accumulated depreciation Furniture Less: Accumulated depreciation Total property, plant and equipment Intangible assets Trademark Patent Total intangible assets Total Assets Liabilities and Shareholders' Equity Current Liabilities Accounts payable Accrued liabilities Unearned Revenue Current portion of bank loan and mortgage payable Income Tax payable Total Current Liabilities 2,125 Non-current liabilities Bank loan payable Mortgage Payable Bond payable Total Non-current liabilities Total Liabilities Shareholders' Equity Preferred Shares ** Common Shares Retained Earning Total Shareholders' Equity Total liabilities and shareholders' equity There were no preferred dividends declared this year. The Weighted Average number of common shares outstanding are: 20,000,000 The Market price per common share is : 45 ARROW LTD. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2022 CANADIAN DOLLARS (millions of dollars) Revenue 7 Sales Revenue * 8 Rent Revenue 9 Interest Revenue 10 Other Revenues Total revenues Operating expenses Cost of Goods sold Wages expense Salary expense Benefit expense Research and development expense Repairs and maintenance expense Sales and distribution costs expense Depreciation expense - equipment Depreciation expense - vehicles Depreciation expense - fumiture Depreciation expense - office building Insurance expense Property taxes expense Food and beverage expense Supplies expense Interest expense Information technology expense Advertising expense Total operating expenses Profit before income tax Income Tax expense Profit 664 * Denotes all of these sales were made on credit
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