Financial Accounting and Reporting notes

PROBLEM 1 – STATEMENT OF FINANCIAL POSITION The following trial balance of an entity on December 31, 2017 has been adjusted except for income tax expense. Cash 6,000,000 Accounts receivable 14,000,000 Inventory 10,000,000 Property, plant and equipment 25,000,000 Accounts payable 9,000,000 Income tax payable 6,000,000 Preference share capital 3,000,000 Ordinary share capital 15,000,000 Share premium 4,000,000 Retained earnings – January 1 9,000,000 Net sales and othe...

PROBLEM 1 – STATEMENT OF FINANCIAL POSITION The following trial balance of an entity on December 31, 2017 has been adjusted except for income tax expense. Cash 6,000,000 Accounts receivable 14,000,000 Inventory 10,000,000 Property, plant and equipment 25,000,000 Accounts payable 9,000,000 Income tax payable 6,000,000 Preference share capital 3,000,000 Ordinary share capital 15,000,000 Share premium 4,000,000 Retained earnings – January 1 9,000,000 Net sales and othe...