Prepare the statement of financial position in good form

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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

Reference no: EM132614613

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