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Question - The following are extracts from the financial statement analysis report of Dawn Ltd for the year ended 31 May 2015:
• Beginning and ending balances are identical for both accounts receivable and inventory• Net income is sh.1,300,000• Times interest earned is 5 (income taxes are zero).• The company has 5% bonds outstanding issued at par• Net profit margin is 10%.• Gross profit margin 30%.• Inventory turnover is 5 times• Average collection period is 72 days• Sales to end of year working capital 4 times.• Current ratio is 1.5• Acid test ratio is 1.0 (excludes prepaid expenses)• Property plant and equipment is sh.6,000,000, stated net of one-third depreciation.• Dividend paid on 8% non participating preferred are sh40,000. There is no change in ordinary shares. The preferred shares were issued two years ago at par• Earnings per share are sh.3.75• Ordinary shares has a sh.5 par value and was issued at par• Retained earnings at 1st January, 2014 are sh.350,000
Required:
Prepare the company' statement of financial position at 31 May 2015 (include the following account classifications: cash, inventory, prepaid expenses,plant and equipment(net), current liabilities and shareholder's equity.
Determine the amount of dividend paid on the ordinary share capital in year to 31st May 2015.
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