Section 1: Subsidiary 1 - Carpets International (USA) Limited

You are involved in the audit of Carpets International (USA) Limited, a subsidiary company of Las Vegas Group Corporation (USA) Limited. The client has presented you with the following draft Statement of Financial Position and Statement of Financial Performance as follows:

AF304 major assignment 2019 [Compatibility Mode] - Microsoft Word (Product Activation Failed) X File Home Insert Page Layout References Mailings Review View Foxit PDF to Cut En Copy Times New Rom - 10 - A A" Aa Paste AaBbCcI AaBb( AaBbCc] AaBbCcI AaBbCc] AaBbCcI AaBb( AA Find * Format Painter BI U * abe x x' A y . A. Emphasis Heading 1 1 Heading 3 1 Normal Strong ac Replace Subtitle Title Change Clipboard Font Styles * It Select Paragraph Styles Editing +rwanda rosinon and statement of financial reromance as lonows. Unaudited Audited 1 months 30/11/X2 12 months 31/12/X1 S'000 $'000 Current Assets Cash 38 Receivables 4579 73 3928 Inventories 3624 2047 Total Current Assets 8261 6049 Non-current Assets Property, plant & equipment 28763 Receivables 2000 2941 Total Non-current Assets 2000 30763 31417 Total Assets 39024 Current Liabilities 37465 Bank borrowings - Secure 5000 7500 Trade Creditors 2500 Provisions 2473 643 Total Current Liabilities 610 8143 10583 Non-Current Liabilities Bank borrowings - Secured 22000 Provisions 20000 547 Total Non-current Liabilities 510 2254 Total Liabilities 20510 Net Assets 30690 31093 8334 537 Shareholders' Equity Share Capital 5000 Accumulated Profits 5000 3334 Total Shareholders' Equity 1372 8334 5372 Statement of financial performance Revenue 2000 Gross profit 19943 6702 4515 Operating expenses 3486 Net Profit before tax 3047 3216 Taxation 1468 1254 Net Profit after tax 572 1962 896 Accumulated profits at the beginning of the year 1372 476 Activate Windows Accumulated profits at the end of the period. 3334 1372 Go to PC settings to activate Windows Page: 4 of 16 Words: 109/6,225 1 90% + W 3:46 AM 7/10/2019