Accounting – 5.6 Incomplete records | e-Consult
5.6 Incomplete records (1 questions)
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Income Statement for XYZ Company
| Item | Amount (£) |
| Sales Revenue | 150,000 |
| Cost of Goods Sold | 75,000 |
| Gross Profit | 75,000 |
| Operating Expenses | 30,000 |
| Operating Profit | 45,000 |
| Interest Expense | 5,000 |
| Profit Before Tax | 40,000 |
| Tax | 8,000 |
| Profit After Tax | 32,000 |
Statement of Financial Position for XYZ Company as at 31 December 2023
| Item | Amount (£) |
| Non-Current Assets | |
| Fixed Assets | 50,000 |
| Total Non-Current Assets | 50,000 |
| Current Assets | |
| Inventory | 15,000 |
| Accounts Receivable | 20,000 |
| Cash at Bank | 10,000 |
| Total Current Assets | 45,000 |
| Total Assets | 95,000 |
| Current Liabilities | |
| Loan Payable | 30,000 |
| Total Current Liabilities | 30,000 |
| Equity | |
| Capital | 65,000 (95,000 - 30,000) |
| Total Equity | 65,000 |