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In the absence of information about the date of repayment of a liability then it may be assumed.
Income statement questions and answers pdf. Practical questions and answers for students. Answer any five questions c a prepare the income statement profit and loss account for the year ended 28 february 2015. Get help with your income statement homework. Excel xlsx and adobe pdf kb page no.
Access the answers to hundreds of income statement questions that are explained in a way that s easy for you to understand. 9 a prepare the firm s income statement trading and profit and loss account including the appropriation. Green as at 31 march 2015 in both horizontal and vertical style. The following trial balance is prepared after preparation of income statement for f.
Training material for the ifrs for smes version 2013 1 2 ifrs for smes the ifrs for smes is intended to apply to the general purpose financial statements of entities that do not have public accountability see section 1 small and medium sized entities. 11 b prepare the position statement balance sheet as at 28 february 2015. Prepare balance sheet for f. Statement of cash flows direct method example assume that accounts payable was only used to acquire.
Those questions that require some narrative are still lacking in some cases with only a few words offered being the order of the day. Green as at 31 march 2015. Starting at the bottom. A retained income distributable reserves b ordinary share capital.
1 1 calculate the following income statement figures for the financial year ended 30 june 2010. Preparation of balance sheet horizontal and vertical style. Financial accounting in practice. Module 5 statement of comprehensive income and income statement ifrs foundation.
Net income dividends addition to retained earnings net income 1 570 4 900 net income 6 470 now looking at the income statement. The solution to this question works the income statement backwards. Ebt ebt tax rate net income recognize that ebt tax rate is simply the calculation for taxes. Especially with regards to the trading and profit and loss account income statement and the balance sheet statement of financial position which has caused a few problems with learners in the past.
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