Reference no: EM132904062

Dunlop Industries Ltd financial statements for the financial year ended 30 June 2021, are below.

The company's revenues are projected to grow at a rate of 15 per cent in the 2021-22 financial year, and all financial statement accounts will vary directly with sales.

Problem 1: Based on the projected revenue growth of 15 per cent, show the balance sheet and an income statement for the 2021-22 financial year.

Reconcile the account when necessary.

BALANCE SHEET
Assets

Cash                                          4,186,548
Accounts Receivable                  7,288,442
Inventories                               27,834,593
Total current Assets                      39,309,583
Equipment                                  54,202,102
Buildings                                       1,530,293
Intangible Assets                                 655,840
Total Assets                                       95,698,818

Liabilities and Shareholder Equity

Accounts Payable          11,302,098
Bank Overdraft                6,071,870

Total Current Liabilities

10 year corporate bond        37,164,258
Ordinary shares                   24,984,375
Retained earnings                  16,176,217
Total liabilities and equity           95,698,818

INCOME STATEMENT

Revenues                 241,515,625
Costs                      181,582,031
EBITDA                    59,933,594
Depreciation              29,148,438
EBIT                       30,785,156
Interest                    14919836
EBT                        15,865,320
Tax (30%)                   4,759,596
Profit                       11,105,724