Insert Draw nima lama Design NL E Layout References 0 X Mailings Review View Help Share Comments back Show What's Training New elp A Question 5 Income Statement of Stargate Ltd for the year ended 31 December 2020 The following statements have been prepared for the company Stargate Ltd for the year ending 31 December 2018. Sales Less Cost of goods sold Gross profit 3120 506 2020 103 1 100 403 Balance Sheet of Stargate Ltd As at 31 December 2020 2020 2019 Less other expenses Operating expenses Depreciation expense Loss on sale of plant and equipment Total expenses 493 140 53 800 25 800 572 740 Current assets Cash at bank Accounts receivable Inventory Prepaid operating expenses Total current assets 621 442 32 521 418 201 15 200 1 087 364 379 421 33 240 424 610 16 480 853 751 Profit before tax Less Income tax expense Profit after tas 527 663 126 700 $400 963 Non-current assets Plant & equipment Accum. Depres - plant & equipment Land Total non-current assets 529 300 (61 200) 562 000 1030 100 242 600 (21 200) 352 000 573400 Statement of Changes in Equity Shareholders' Equity at 01/7/16 Net profit Increase in share capital Dividends declared and paid Shareholders' Equity at 30/6/17 881 001 400 963 300 000 (50 000) $1 531 964 Total assets 2117 464 1 427 151 Additional information Current liabilities Accounts payable Accrued expenses Provision for tax Total current liabilities 145 400 18 500 21 600 185 500 252 400 27 200 26 450 306 050 The following took place during the year ended 31 December 2020 1 A dividend of $50 000 was declared and paid. 11 Plant and equipment was purchased for cash Non-current liabilities Long term loan Total non-current liabilities 400 000 400 000 240 100 240 100 111 Plant and equipment with a cost of $60 000 was sold for cash during the year Total liabilities 585 500 546 150 1V A loan of $250,000 was taken out in July 2016 and some of this loan was repaid during the year. There were no other borrowings apart from this loan I $1 531 964 $881 001 Net assets V Shares were exchanged for land and some shares were issued for cash Required Shareholders' equity Share capital Retained profits 1 000 000 531 964 700 000 181 001 Complete a Statement of Cash Flows for the year ended 31 December 2020 $1 531 964 $881 001 Total shareholders' equity [Total for Question 5 20 marks] Focus