Bright Limited has the following results for the last two years of trading. Bright Limited Statement of Comprehensive In

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Bright Limited has the following results for the last two years
of trading.
Bright Limited
Statement of Comprehensive Income for the Year Ended 2018
31/12/18
31/12/17
GH₵000
GH₵000
Sales
14,400
17,000
Less: Cost of sales
(11,800)
(12,600)
Gross profit
2,600
4,400
Less expenses
1,200
2,000
Net profit for the year
1,400
2,400
Dividend paid
520
780
Retained profit for the year
880
1,620
Edwards Limited
Statement of Financial Position
31/12/18
31/12/17
GH₵000
GH₵000
GH₵000
GH₵000
Non-current assets
2,500
4,000
Current assets
Receivable
1,300
2,000
Cash
2,000
1,600
Inventory
2,400
5,700
820
4,420
Total assets
8,200
8,420
Financed by:
Stated capital
2,400
2,400
Capital surplus
500
500
Income surplus
1,200
4,100
2,820
5,720
Non-current liabilities
Non-current liability: 10% loan notes
2,600
-
Current liabilities
Payable
1,500
2,700
Total equity and liabilities
8,200
8,420
Required:
first year
(2017).
(6 marks)