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Dear sir,
In q(a)(ii) refinancing take place
May i know, how do i get the figure of:-
-Cash (balancing figure) $5mil ?
-Retained earnings $5mil ?Thanking u in advance
As far as the cash is concerned, we know everything else that will be in the SOFP and so cash is just the missing figure so as to make the SOFP balance.
For the retained earnings, they were 2.6 in the 2015 SOFP and so we add the profits for 2016 of 2.4 and get a total of 5.0.
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