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FA Assignment (KDC) - Group 2

The income statement shows the company had sales revenue of $50,000 with cost of goods sold of $25,000 and operating expenses of $15,000, resulting in a profit before tax of $4,806.67. After paying taxes of $961.33, the profit after tax was $3,845.33. The balance sheet lists the company's assets as $143,946.67 including cash, inventory, and land, and liabilities of the same amount, including owners capital, a bank loan, and accounts payable. The cash flow statement shows $171,450 in cash inflows from items like sales and loans and $75,300 in cash outflows like expenses

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60 views

FA Assignment (KDC) - Group 2

The income statement shows the company had sales revenue of $50,000 with cost of goods sold of $25,000 and operating expenses of $15,000, resulting in a profit before tax of $4,806.67. After paying taxes of $961.33, the profit after tax was $3,845.33. The balance sheet lists the company's assets as $143,946.67 including cash, inventory, and land, and liabilities of the same amount, including owners capital, a bank loan, and accounts payable. The cash flow statement shows $171,450 in cash inflows from items like sales and loans and $75,300 in cash outflows like expenses

Uploaded by

Himadri Jana
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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INCOME STATEMENT BALANCE SHEET as on September

Sales revenue $ 50,000.00 ASSETS


Cost of goods sold $ 25,000.00 Current Assets
Cash
Operating Expenses $ 15,000.00 Inventory
Interest Expense $ 133.33 Accounts receivable
Advertising expense $ 5,000.00
Depreciation Expense $ 60.00 Non current assets
Purchased Land
Profit before tax $ 4,806.67 Advance interest paid
Accumulated Depreciation
Tax incurred $ 961.33
Profit after tax $ 3,845.33

Total

ASSUMPTIONS:
1. The contract signed by KDC for $2000 is not taken into account as it is neither realised nor cash is receieved.
2. Depreciation of $60 is considered for PPE from this month also.
BALANCE SHEET as on September 30, 2021 CASH FLOW STATEMENT
ASSETS LIABILITIES Line item Type of activity
Opening Balance
$ 96,150.00 Owners Capital $ 105,000.00 Owners capital Financing
$ 6,550.00 Bank Loan $ 19,000.00 Loan Received Financing
$ 4,000.00 Notes payable $ 4,000.00 Land Purchased Investing
Inventory Purchased Operating
Sales Operating
$ 37,200.00 Accounts payable $ 9,200.00 Operating Expenses Operating
$ 166.67 Tax payable $ 1,343.33 Loan Repayment Investing
$ -120.00 Accured interest $ 30.00 Accounts collection Operating
Advertisement Operating
Retained earnings $ 5,373.33

Total
$ 143,946.67 Total $ 143,946.67
NET CASH FLOW

her realised nor cash is receieved.


H FLOW STATEMENT
Inflow Outflow
$ 5,450.00
$ 100,000.00
$ 20,000.00
$ 30,000.00
$ 24,000.00
$ 40,000.00
$ 15,000.00
$ 1,300.00
$ 6,000.00
$ 5,000.00

$ 171,450.00 $ 75,300.00

$ 96,150.00

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