Rexon Ltd has just published its financial statements for the year ended 31 December 2018. Rexon Ltd operates a chain of 42 supermarkets in the country.

The income statement and summarized statement of changes in equity of Rexon Ltd, with comparatives, for the year ended 31 December 2018, and a balance sheet, with comparatives, at that date are as follows:

Income statement for the year ended 31 December 2018

  

Income statement for the year ended 31 December 2018 Revenue, net of sales tax Cost of sales Gross profit Operating expenses Profit from operations Finance cost Profit before tax Income tax expense Profit for the period Opening balance Profit for the period Dividends Closing balance Non-current assets: Property, plant and equipment Goodwill Current assets: Inventories Statement of changes in equity for the year ended 31 December 2018 2017 RSM 261 23 (8) 276 Balance sheet at 31 December 2018 Trade receivables Cash Equity: Share capital Accumulated profits Non-current liabilities: Interest-bearing borrowings Deferred tax Current liabilities: Trade and other payables Short-term borrowings 580 100 47 12 46 2018 2018 2017 RSM RSM RsM 142 25 680 150 151 301 297 20 105 785 2018 RsM 1,255 (1,177) 78 21 167 57 10 47 14 33 317 785 2018 RsM 276 33 (8) 301 575 100 46 13 12 150 126 140 21 2017 RsM 273 36 1,220 (1,145) 75 29 46 10 36 13 23 2017 RSM 675 71 746 276 161 309 746