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Would u please help me with some explanations how to find the missing numbers in the income statement… Sales ?? Cost of goods sold 100 000 gross profit ?? Expenses 150 000 ebit?? Interest 5 000 ebt ?? Taxes at 40% 18 000 net income ??
The questions marks are figures which are not given I need help to find those figures ur help will be appreciated.
You have to start from the end.
Since the tax is 18,000 at 40%, the profit before tax must be 18,000/40% = 45,000 and the profit after tax = 45,000 – 18,000 = 27,000.
Since the profit before tax is 45,000, the profit before interest and and tax must be 45,000 + 5,000 = 50,000.
Since expenses are 150,000, the gross profit = 150,000 + 50,000 = 200,000.
You should be able now to get the sales figure yourself 🙂
Thank you so much…hope u can help me with the other financial statement…current assets 75 000 non current assets ?? Total assets ?? Current liabilities 37 500 long term liabilities ?? Total liabilities 85 500 common stock 150 000 retained earnings december 31 ?? stock in equity ?? Find the missing figures were the question mark are…it is a continuation from the one u have answered above figures I didn’t include from income statement earlier retained earnings january 1 75 000 dividend declared 12 500…
I don’t know where you are getting these questions from, but surely there is an answer in whichever book it was. If not, then you should be using a Revision Kit from one of the ACCA approved publishers.
This forum is not to simply ask for answers to questions you have found, but to ask about whatever is not clear to you in the answers you should already have. Then I will try and help you.
Have you watched my free lectures? They are a complete course for Paper F3 and cover everything needed to be able to pass the exam well.
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