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Question - The following has been extracted from the trial balances of S&B Ltd for the last two years:
2021
2020
($000)
Sales (all on credit)
3,215
5,250
Cost of goods sold
2925
2,730
Doubtful debt expense
740
525
Interest expense
120
420
Salaries
180
630
Depreciation
60
210
Gain on sale of plant
300
185
Cash
2844
1,264
Inventory
4,980
3,780
Accounts Receivable
1,600
5,600
Allowance for doubtful debts
160
560
Land
2,170
2150
Plant
1,750
2,100
Accumulated Depreciation
490
Bank Overdraft
140
4,890
Accounts payable
5,620
4,280
Accrued Salaries
382
462
Long-term loan
1,510
240
Share capital
4300
2530
Dividends paid
0
190
Retained earnings
1,442
Additional information: plant with a carrying value of $100,000 (original cost $350,000 and accumulated depreciation of $250,000) was sold during the year.
Required -
1. Prepare an Income Statement for the year ending 30 June 2021.
2. Calculate the closing balance of retained earnings as at 30 June 2021.
3. Prepare a Statement of Financial Position as at 30 June 2021, showing comparative information for the prior year.
4. Prepare a Statement of Cash Flows (and reconciliation of profit to operating cash flows) for the year ending 30 June 2021.
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