Statement of Profit and Loss for the year ended 30 June 2022 Statement of Financial Position as at 30 June 2022 S Sales Current assets Cost of sales Cash and cash equivalents Gross profit Trade receivables Other revenue Inventory Administrative expenses Other current assets Finance expenses Total current assets Selling expenses Profit before tax Non-current assets Income tax expense Property, plant & equipment (net) Net profit Investments Total non-current assets Total assets Current liabilities Trade payables Borrowings Current tax payable Other current liabilities Total current liabilities Non-current liabilities Borrowings Total non-current liabilities Total liabilities Net assets Equity Contributed equity Retained earnings Total equityEvent 1 Event 1 Event 3 Event 4 Event 5 Event 6 Event 7 Event 8 Event 9 Event 10 Event 11 Event 12 Event 13 Event 14 Transaction The company repays 536745 of its borrowings. This amount includes $4793 of interest. The remaining borrowings are to be repaid evenly over the following ten years, The accountant determines that depreciation should be recorded at 512722. The accountant estimates that 10 percent of the depreciation is related to selling activities, with the remaining related to administration. The company declares and pays a dividend of 510212 to its shareholders. The company uses up the remainder of its previous prepaid insurance contract in the first four months of the fiscal nancial year. The company then commences a new contract costing $7200 in total, all paid upfront, for the following 12 months including the last eight 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. The com pa ny purchased $374200 of inventory from its suppliers. The inventory was purchased on credit. The company receives a rental payment for a car park it leases on a short-term basis to another entity of $5337. The company makes payments to inventory suppliers of $353201, The company purchased an additional 525000 of production 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. The company collects $479639 from its trade receivables during the financial year. The company pays rent of $8000 per month on a 12-month lease, The rent related to administrative ofces. The company makes total sales of normal goods and services of 5561000. Of this amount $65000 was received in cash at the time of the sale.The value of goods sold in these transactions was $372200. The company issued 2970 shares to new investors. These shares were issued at an average price of $20 per share. The company paid all corporate income tax owing from the previous period. In addition, the company incurs a further 518727 in corporate income tax that it will pay next financial year. 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 $11000. These wages relate 40 percent to administrative expenses, and the remainder to selling expenses. Details Cash Trade receivables Inventories Other current assets Property, plant & Investments Trade payables Other current equipment Current tax payable liabilities Borrowings Contributed equity Retained earnings Opening balances 82,373 33,239 33,905 2,638 127,218 107,517 16,422 4,673 4,849 Opening balance - Retained earnings 159,760 99,063 102,123 Income Event 1 Expenses Dividends 36,745 vent 2 (31,952 4,793) (12,722 Event (10,212 (12,722) Event4 17,200 (10,212) (238) Event 5 (7,438 .374,200 374,200 Event 5 ,337 Event 7 5,337 (353,202) 353,202 Event 8 12,500) 25,000 12,500 vent 9 479,639 (479,639) Event 10 (96,000) Event 11 65,000 (96,000 496,000 (372,200) Event 12 561,000 (372,200) 59,400 59,400 Event 13 4,673 4,054 Event 14 (15,849 18,727) (4,849 (11,000 Closing balances 155,368 49,600 35,905 2,400 139,496 107,517 37,420 18,727 12,500 566,337 127,808 158,463 (522,880) (10,212) Closing balance - Retained earnings 135,368