Determining the statement of financial position

Reference no: EM13954667

This question requires you to prepare an statement of comprehensive income, but then also brings in the preparation of the associated statement of financial position. In this way it aims to integrate your study of Chapters 2 and 3. Note that any retained profit you calculate in the statement of comprehensive income should appear in the statement of financial position as 'Reserves', included immediately after share capital.

Use the following balances of Tayside Glass Ltd to prepare an statement of com- prehensive income for its first year of trading, which ended on 31 March 20X9 and the associated statement of financial position at that date. You will first need to iden- tify which items relate to the statement of comprehensive income and which to the statement of financial position.

Sales	80,007
Purchases	62,419
Trade receivables	1,215
Trade payables	1,630
Rent	4,600
Telephone	627
Delivery van	4,000
Wages	9,650
Share capital	10,000
Light and heat	1,629
Office expenses	1,127
Bank - positive balance	370
Shop fittings	6,000

There was no opening inventory, since this was the first year of trading. The closing inventory was valued at £4,200.

Reference no: EM13954667

Questions Cloud

Trading account for the three-month period : January: Bought 300 computers at £550 each and sold 260 for £700 each February Bought 240 computers at £650 each and sold 280 for £700 each March: Bought 300 computers at £600 each and sold 290 for £680 each.

What would be the opportunity cost to the company : Focusing on a 10 percent required rate of return, what would be the opportunity cost to the company of using the ship in a Caribbean/Eastern Canada itinerary rather than a Caribbean/Alaskaitinerary?

Supply chain spectrum-facilities-inventory-transportation : Chopra et al., 2013 describes six major drivers within the supply chain spectrum, facilities, inventory, transportation, information, sourcing, and pricing. How strategically are they related to the two major objectives of supply chain, that is respo..

How many sides does the polygon have. : ratio of corresponding sides of similar triangles is 4:9, ratio of the area of the smaller to the larger triangle is?

Determining the statement of financial position : Use the following balances of Tayside Glass Ltd to prepare an statement of comprehensive income for its first year of trading, which ended on 31 March 20X9 and the associated statement of financial position at that date. You will first need to ide..

How long will it take for cabin pressure to drop by half : An airplane flying at high altitude contains 100m^3 of air at STP(273 degrees and 1 atm). If a 1-cm^2 hole suddenly develops in the cabin wall, how long will it take for cabin pressure to drop by half?

Centralized produce-processing facility : What quality related trade-offs might there be between (1) having a single, large, centralized produce-processing facility and (2) having many small, decentralized produce-processing facilities?

What is the dose equivalent in sieverts : How much mass is lost in the fission of the nuclear fuel in a 1000 MW power plant in one year? (assume that the power plant is 33% efficient)

What is the probability of the boxer winning : A treasure chest contains 5 rubies, 8 diamonds, 7 emeralds, and 4 sapphires. If you pick a gem at random, what is the probability of choosing a ruby?

User Account

All Pages