Reference no: EM132962819

Problem 1: Create a Statement of Financial Position and a Statement of Comprehensive Income for XYZ Software Co. Ltd.

(June 30, 20XX)

Trade Receivables $300

Current Portion of Long-term debt $500

Profit $3,300

Goodwill $520

Retained Earnings $595

Total Assets $21,195

Cost of Sales $2,000

Total Equity $14,595

Revenue on Software $10,000

Property, Plant and Equipment $11,200

Gross Profit $8,000

Cash $600

Administrative Expenses $500

Deferred Tax Liabilities $600

Total Current Assets $9,000

Trade Payables $300

Finance Costs $500

Income Tax Expense $2,200

Intangibles $475

Share Capital $14,000

Distribution Costs $1,500

Sho rt-ter m Borrowing $100

Total Current Liabilities $1,000

Long-term Debt $5,000

Inventories $8,100

Income Taxes Payable $100