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please prepare a statement of profit and loss and statement of financial position based on this transaction worksheet analysis Transaction Summary 1 The company collects

please prepare a statement of profit and loss and statement of financial position based on this transaction worksheet analysis
Transaction Summary
1
The company collects $492524 from its trade receivables during the financial year.
2
The company repays $47046 of its borrowings. This amount includes $6136 of interest. The remaining borrowings are to be repaid evenly over the following ten years.
3
The company purchased an additional $17000 of computer equipment. Half was paid in cash, with the remaining on credit. The accountant determines that the credit amount should be allocated to other current liabilities.
4
The company declares and pays a dividend of $4936 to its shareholders.
5
The company paid all wages owing from the previous period, which made up the total opening balance of Other current liabilities. In addition, the company paid wages costs of $19000. These wages relate 30 percent to administrative expenses, and the remainder to selling expenses.
6
The company uses up the remainder of its previous prepaid insurance contract in the first six months of the financial year. The company then commences a new contract costing $7200 in total, all paid upfront, for the following 12 months including the last six months of the financial year. The insurance related to administration. The accountant informs you that Other current assets related to prepaid accounts in the previous financial year.
7
The company purchased $371000 of inventory from its suppliers. The inventory was purchased on credit.
8 TRANSACTION ANALYSIS WORKSHEETThe accountant determines that depreciation should be recorded at $11697. The accountant estimates that 10 percent of the depreciation is related to selling activities, with the remaining related to administration.
9
The company pays rent of $6500 per month on a 12-month lease. The rent related to administrative offices.
10
The company paid all corporate income tax owing from the previous period. In addition, the company incurs a further $19618 in corporate income tax that it will pay next financial year.
11
The company receives a rental payment for a car park it leases on a short-term basis to another entity of $3426.
12
The company issued 6900 shares to new investors. These shares were issued at an average price of $10 per share.
13
The company makes payments to inventory suppliers of $352225.
14
The company makes total sales of normal goods and services of $554000. Of this amount $32400 was received in cash at the time of the sale.The value of goods sold in these transactions was
$370000.
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