Week 2: Assignment Hand-in Assignment For this assignment, you are provided with basic financial

Want answers to the assignment Below?

Text or Whatsapp Olivia at +1 (307) 209-4351


 

  

For this assignment, you are provided with basic financial information about a fictional company and are asked to prepare three financial statements for the company. You are then required to discuss the financial health and position of the organisation.

Below, you will find two important documents: the opening statement of financial position and a provisional trial balance for the fictional company.

Remember that the trial balance has been prepared at the end of the year, but note that the retained earnings and inventories balances included are still those figures relating to the start of that year.

International Financial Reporting and Analysis
Week 2: Assignment
Hand-in Assignment
For this assignment, you are provided with basic financial information about a
fictional company and are asked to prepare three financial statements for the
company. You are then required to discuss the financial health and position of the
organisation.
Below, you will find two important documents: the opening statement of financial
position and a provisional trial balance for the fictional company.
Remember that the trial balance has been prepared at the end of the year, but note
that the retained earnings and inventories balances included are still those figures
relating to the start of that year.
Additional information:
An inventory count established that the value of closing inventories on 31 December
2009 was £6,000.
All of the dividends declared during 2009 (and charged as an expense) were paid in
that same year, as was the interest expensed for 2009.
Statement of financial position as at 31 December
2008
£
Non-current assets
Land
Buildings
Less: Accumulated depreciation

10,000
15,000
(8,000)
7,000
12,000
29,000

Investments
Current assets
Inventories
Accounts receivables
Cash and cash equivalents
Current liabilities
Accounts payable
Tax payable
Net current assets

£

4,000
5,000
68,000
77,000
25,000
5,000
30,000
47,000

Total assets less current liabilities

76,000

Equity
Common stock
Retained earnings
Trial Balance: 31 December 2009
Accounts
Cash and cash equivalents
Sales revenues
Purchases
Long-term investment
Accounts payable
Opening inventory (01.01.09)
Land
Buildings
Accumulated depreciation
Accounts receivable
Depreciation expense
Utilities expense
Tax expense
Interest expense
Tax payable
Wages expense
Common stock
Retained earnings at start of year (01.01.09)
Totals

50,000
26,000
76,000
£
Debit
57,000

£
Credit
95,000

22,000
15,000
19,000
4,000
10,000
18,000
9,000
10,000
1,000
20,000
3,000
1,000
2,000
40,000
50,000
26,000
201,000 201,000

Required:
1. Using the above information, prepare an income statement for the company
for the year to 31 December 2009.
2. Prepare a statement of financial position for the company as at 31 December
2009.
3. Prepare a cash flow statement for the company for the year to 31 December
2009, using the indirect method and in accordance with IAS 7.
4. Discuss what inferences can be drawn from the above three statements in
relation to the company’s financial position.
Use the Turnitin link below to submit your assignment by Day 7. Please do not worry
if the Turnitin Report generated distorts the appearance of your numerical
calculations / financial statements; your instructor can also access the original
submission as a “.doc” or “.docx” file.

  

Other Questions.

We Accept

Order your Assignment today and save 15% with the discount code ESSAYHELP

X