Question
Taurus Limited list of balances year ended December 31 2013 15% Preference Share Capital $ 100,000.00 Ordinary Share Capital $ 100,000.00 General Reserves $ 16,000.00
Taurus Limited list of balances year ended December 31 2013 15% Preference Share Capital $ 100,000.00 Ordinary Share Capital $ 100,000.00 General Reserves $ 16,000.00 20% Debentures $ 100,000.00 Retained Profits January 1 2013 $ 140,202.00 Sales $ 1,000,000.00 Cost of Sales $ 686,460.00 Debenture Interest paid for 2013 $ 7,500.00 Salaries $ 136,250.00 Insurance $ 13,265.00 Utilities $ 21,853.00 Office Supplies Expense $ 222.00 Rental Income $ 3,900.00 Depreciation $ 3,000.00 Telephone Expenses $ 2,000.00 Furniture $ 70,000.00 Allowance for depreciation on Furniture $ 40,000.00 Trade Debtors $ 136,270.00 Cash & Bank $ 106,480.00 Closing Stock $ 277,002.00 Trade Creditors $ 17,200.00 Preference Dividends Paid $ 15,000.00 Ordinary Dividends paid $ 20,000.00 Rent Expense $ 22,000.00 Additional Information Rent Expense owing as at Dec 31 2013 $2,000 Rental income for 2013 received in 2013 is $300 Prepaid insurance during 2013 is $2400 Corporation tax of $28,602 for 2013 Transfer $2,000 to general reserve Weighted average number of ordinary shares in issue during 2013 is $50,000 1. Prepare the Statement of Comprehensive Income for the year ended Dec 31 2013 2. Prepare the Statement of Financial Position as at Dec 31 2013
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