Accounting – 5.6 Incomplete records | e-Consult
5.6 Incomplete records (1 questions)
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Income Statement for ABC Retail Ltd
| Item | Amount (£) |
| Sales Revenue | 80,000 |
| Cost of Goods Sold | 40,000 |
| Gross Profit | 40,000 |
| Administrative Expenses | 15,000 |
| Depreciation | 5,000 |
| Profit Before Interest and Tax | 10,000 |
| Interest Expense | 1,200 (6% of £20,000) |
| Profit Before Tax | 8,800 |
Statement of Financial Position for ABC Retail Ltd as at 31 December 2023
| Item | Amount (£) |
| Non-Current Assets | |
| Equipment | 30,000 |
| Total Non-Current Assets | 30,000 |
| Current Assets | |
| Inventory | 7,000 |
| Accounts Receivable | 12,000 |
| Cash at Bank | 8,000 |
| Total Current Assets | 27,000 |
| Total Assets | 57,000 |
| Current Liabilities | |
| Loan Payable | 20,000 |
| Total Current Liabilities | 20,000 |
| Equity | |
| Capital | 37,000 (57,000 - 20,000) |
| Total Equity | 37,000 |