All workings MUST be shown
- I Just Need The Statement Of Profit And Lost Including Eps All Workings Must Be Shown 1 (84.35 KiB) Viewed 24 times
- I Just Need The Statement Of Profit And Lost Including Eps All Workings Must Be Shown 2 (84.35 KiB) Viewed 24 times
- I Just Need The Statement Of Profit And Lost Including Eps All Workings Must Be Shown 3 (72.68 KiB) Viewed 24 times
- I Just Need The Statement Of Profit And Lost Including Eps All Workings Must Be Shown 4 (68.42 KiB) Viewed 24 times
- I Just Need The Statement Of Profit And Lost Including Eps All Workings Must Be Shown 5 (68.42 KiB) Viewed 24 times
- I Just Need The Statement Of Profit And Lost Including Eps All Workings Must Be Shown 6 (68.42 KiB) Viewed 24 times
- I Just Need The Statement Of Profit And Lost Including Eps All Workings Must Be Shown 7 (78.99 KiB) Viewed 24 times
Additional notes: i Depreciation is to be charged on the building at 15% reducing balance, and 8% on cost for the equipment ü Goodwill should be written down by 12% ii. Utilities is owing by $8,400, while offices expenses is prepaid by $10,600 iv. Commission is prepaid by $15,700 V. The following items of expense should be apportioned as follows: Expense Office expenses Utilities Management fees Depreciation charges Admin 60% 30% 75% 90% Sell & Dist. 40% 70% 25% 10% vi. Corporation tax is estimated at $31,900 vii. Transfer $41,600 from profits to the general reserves Viti There was a new issue of 80,000 ordinary shares with a par value of $0.75 each, the amount collected was $100,000 The full preference shares dividend will be honoured 1X Required: Prepare Stover Ltd's statement of profit or loss (including EPS). All working MIIST
31,100 3.858,100 i. Additional notes: Depreciation is to be charged on the building at 15% reducing balance, and 8% on cost for the equipment ii. Goodwill should be written down by 12% iii. Utilities is owing by $8,400, while offices expenses is prepaid by $10,600 iv. Comunission is prepaid by $15.700 V. The following items of expense should be apportioned as follows: Expense Admin Sell & Dist. Office expenses 60% 40% Utilities 30% 70% Management fees 75% 25% Depreciation charges 90% 10% vi. Corporation tax is estimated at $31,900 vii. Transfer $41,600 from profits to the general reserves Vili. There was a new issue of 80,000 ordinary shares with a par value of $0.75 each; the amount collected was $100,000 The full preference shares dividend will be honoured ix Required: Prepare Stover Ltd's statement of profit or loss (including EPS). All workings MUST be shown.
Stover Ltd, a trader in household items, has prepared the following trial balance as at March 31, 2022: DETAILS Goodwill Ordinary share capital @ $0.80 Debtors Cost of sales 8% Debenture Creditors 6% Preference share capital @ $0.75 Closing stock Commission Revenue Utilities Provision for depreciation on equipment Provision for depreciation on building Building Office expenses General reserves Land Management fees 12% Mortgage Equipment Interim ordinary shares dividend Bank Debenture interest Mortgage interest Retained earnings DR CR 252,000 396,000 16,200 1,516,200 476,000 66,100 249,000 12,300 66.800 1,929,700 71,400 49,400 78,600 722,000 23,600 42,700 606,000 52,100 452,000 534,000 11,100 51,800 13,600 8,400 19,200 3,858,100 3,858,100