Answered step by step
Verified Expert Solution
Question
1 Approved Answer
pls i need answer for this question . Income Statement of Stademirate Ltd as at 31 December 2019 2020 Revenue (Note 2) Less Cost of
pls i need answer for this question .
Income Statement of Stademirate Ltd as at 31 December 2019 2020 Revenue (Note 2) Less Cost of Sales 2,240 1,745 495 2,681 2,272 409 Operating Expenses Net Profit before Interest and Tax 252 243 362 47 Interest Payable Net Profit before Tax Corporation Tax Net Profit after Tax 32 15 18 225 60 165 1 11 Retained Profit B/F Less Dividends approved Retained Profit carried forward 138 303 40 263 263 274 40 234 Balance Sheet of Stademirate Ltd as at 31 December 2019 2020 Em Em Em Em Non Current Assets Freehold Land and Buildings Fixtures and Fittings 381 129 510 427 160 587 Current Assets Inventories (at cost) Trade Receivables Bank 300 240 4 406 273 544 679 Current Liabilities Trade Payables Dividends (not paid) Corporation Tax Bank Overdraft 221 40 30 314 40 2 76 (291) (432) 834 763 Non current Liabilities 9% debentures 200 300 NET ASSETS 563 534 Equity Ordinary Shares Retained Profits 300 263 563 300 234 534 Additional Information All sales and purchases are made on credit Cost of Sales is as follows 2019 2020 Opening inventories 241 300 Purchases 1,804 2,378 2,045 2,678 Less closing inventories 300 406 1,745 2,272 At 1 Jan 2019, total equity stood at 438m; total equity and non-current liabilities stood at 638m The market value of the shares at the end of 2019 was 2.50; at the end of 2020 it was 1.50 The Share issue Price for 2020 is .50 per share. Income Statement of Stademirate Ltd as at 31 December 2019 2020 Revenue (Note 2) Less Cost of Sales 2,240 1,745 495 2,681 2,272 409 Operating Expenses Net Profit before Interest and Tax 252 243 362 47 Interest Payable Net Profit before Tax Corporation Tax Net Profit after Tax 32 15 18 225 60 165 1 11 Retained Profit B/F Less Dividends approved Retained Profit carried forward 138 303 40 263 263 274 40 234 Balance Sheet of Stademirate Ltd as at 31 December 2019 2020 Em Em Em Em Non Current Assets Freehold Land and Buildings Fixtures and Fittings 381 129 510 427 160 587 Current Assets Inventories (at cost) Trade Receivables Bank 300 240 4 406 273 544 679 Current Liabilities Trade Payables Dividends (not paid) Corporation Tax Bank Overdraft 221 40 30 314 40 2 76 (291) (432) 834 763 Non current Liabilities 9% debentures 200 300 NET ASSETS 563 534 Equity Ordinary Shares Retained Profits 300 263 563 300 234 534 Additional Information All sales and purchases are made on credit Cost of Sales is as follows 2019 2020 Opening inventories 241 300 Purchases 1,804 2,378 2,045 2,678 Less closing inventories 300 406 1,745 2,272 At 1 Jan 2019, total equity stood at 438m; total equity and non-current liabilities stood at 638m The market value of the shares at the end of 2019 was 2.50; at the end of 2020 it was 1.50 The Share issue Price for 2020 is .50 per share 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