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Financial Accounting Assignment
Financial Accounting Assignment
Question 1
Financial statements of Nimbin Pty Ltd are presented below:
Nimbin P/L
Statement of Financial Position
As at 30 June 2013 and 2014
($000)
2014 2013
Current assets
Cash and cash equivalents $1,645 $2,110
Accounts receivables (all trades) 4,100 3,675
Inventories 7,000 6,930
______ _____
Total current assets 12,745 12,715
______ ______
Non-current assets
Property, plant and equipment 17,190 15,330
_______ ______
Total non-current assets 17,190 15,330
_______ _______
Total assets $29,935 $28,045
======= ======
Current liabilities
Payables $5,780 $5,990
_______ ______
Total current liabilities 5,780 5,990
_______ ______
Non-current liabilities
Interest-bearing liabilities 9,940 9,450
_______ _____
Total non-current liabilities 9,940 9,450
_______ _______
Total liabilities $15,720 $15,440
====== ======
Equity
Share capital $7,700 $7,700
Retained earnings 6,515 4,905
_______ _______
Total equity $14,215 $12,605
====== ======
Nimbin P/L
Income Statement
As at 30 June 2014
($000)
Revenues (net sales) $55,000
Less: cost of sales 35,100
_______
Gross profit 19,900
_______
Less: Expenses
Selling and distribution expenses 7,100
Administrative expenses 4,970
Finance costs 1,560
______
Total expenses 13,630
______
Profit before income tax 6,270
Income tax expense 1,908
______
Profit $4,362
=====
Nimbin P/L
Statement of changes in Equity
For the year ended 30 June 2014
($000)
Share capital
Ordinary (7,200.000 shares)
Balance at start of period $7,200
______
Balance at end of period 7,200
_______
Preference (250,000 shares)
Balance at start of period 500
______
Balance at end of period 500
______
Total share capital $7,700
======
Retained Earnings
Balance at start of period $4,905
Total income for the period 4,362
Dividends paid – ordinary (2,702)
Dividends paid – preference (50)
______
Balance at end of period $6,515
======
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