Reference no: EM132614613
Year 2 Year 1
Accounts payable 38,000 29,000
Accounts receivable 53,600 50,000
Accumulated depreciation 126,700 117,700
Cash and cash equivalents 84,000 48,700
Loan payable, current portion 10,000 10,000
Machineries 156,000 150,000
Cost of goods sold 240,000 279,000
Depreciation expense 9,000 8,800
Income tax expense 120,000 125,000
Inventories 39,600 39,000
Long term investment in FVOCI 50,100 50,000
Loan payable, long term portion 20,000 30,000
Gain (loss) from investment in FVOCI 100 ( 200)
Accrued expenses 24,000 22,000
Prepaid expenses 5,500 15,000
Retained earnings, start of the year 135,000 100,000
Interest expense 10,000 10,000
Utilities expense 32,000 30,000
Salaries expense 200,000 212,000
Sales revenue 636,000 700,000
Share capital 10,000 9,000
Purchase of machineries were made for cash and issuance of share capital was paid in cash.
Requirements:
Question a: Prepare the following statements in good form
1. Statement of Financial Position
2. Statement of Comprehensive Income
3. Statement of Changes in Equity
4. Statement of Cash Flows