20181002_Hometask.docx - Generous Ltd was set up on 1 January 2017 and the share capital was raised on this date The statement of total comprehensive

20181002_Hometask.docx - Generous Ltd was set up on 1...

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Generous Ltd was set up on 1 January 2017 and the share capital was raised on this date. The statement of total comprehensive income for the year ended 31 December 2017 and the statement of financial position as at that date are as follows: Statement of total comprehensive income for the year ended 31 December 2017: £ £ Sales revenue 900,000 Cost of sales Opening inventories 70,000 Purchases 290,000 Closing inventories (20,000) (340,000) Gross profit 560,000 Depreciate (80,000) Other expenses (210,000) Net profit for the year 270,000 Statement of financial position as at 31 December 2017: £ Non-current assets (net book value) 720,000 Inventories 20,000 Cash 130,000 Total assets 870,000 Share capital (£1 shares) 500,000 Retained earnings
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  • Spring '16
  • Robert Stavins
  • Generally Accepted Accounting Principles, statement of total comprehensive income, Generous Ltd, RPI PPE Inventories

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