Provided the information of the income statement and the assumptions shown below, please present the figures...
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Provided the information of the income statement and the assumptions shown below, please present the figures for the balance sheet and the statement of cash flows from Y1 to Y5. INCOME STATEMENT Revenue Other operating income Personel expenses Other operating expenses Amortisation and depreciation Operating income Finance income Non-operating income Profit before income tax Corporate income tax Net profit Y3 550000 5000 -206000 -39500 -1500 308000 3500 3500 311500 -46725 264775 Y1 50000 Y2 Y4 650000 5000 -209000 -39500 -1500 405000 4000 4000 409000 -61350 347650 Y5 800000 5000 -211000 -39500 -1500 553000 6500 6500 559500 -139875 250000 5000 5000 -101500 -204000 -39500 -39500 -1500 10000 -1500 -87500 200 500 200 500 -87300 21825 -65475 10500 -2625 7875 419625 Assumptions 1. The VAT rate is 20%. 2. DSO (Days of Sale Outstanding) is 15. 3. DPO (Days Payable Outstanding) is 15. 4. VAT is payable or collectable every quarter. 5. Revenue and Other income/expense are subject to VAT in full. 6. The Corporate Income Tax is computed at the end of the year and paid the following year. 7. There are no payments on account of corporate income tax. 8. There are no temporary or permanent tax differences. 9. The initial investment in Property, Plant and Equipment is 15,000 and is subject to VAT. 10. The annual depreciation of PPE items is 10%. 11. Personnel expenses include a 30% Social Security contribution payable by the company monthly. 12. The withholding income tax is 15% computed monthly and amounts are payable quarterly. 13. The withholding Social Security contribution rate is 5% computed monthly and is payable monthly. 14. The company is initially financed with its own resources and equity is never below 50% of capital. 15. The bank loans, if any, are repaid in 4 years with equal instalments and bear an annual 5% interest rate. 16. The company pays 50% of net profit in dividends. 17. All interests are paid or collected immediately when due. 18. Figures are rounded to the nearest integer, so there are no decimals. To present the figures of the balance sheet and the statement of cash flows, you must use the formats included in the Spanish General Accounting Plan. Provided the information of the income statement and the assumptions shown below, please present the figures for the balance sheet and the statement of cash flows from Y1 to Y5. INCOME STATEMENT Revenue Other operating income Personel expenses Other operating expenses Amortisation and depreciation Operating income Finance income Non-operating income Profit before income tax Corporate income tax Net profit Y3 550000 5000 -206000 -39500 -1500 308000 3500 3500 311500 -46725 264775 Y1 50000 Y2 Y4 650000 5000 -209000 -39500 -1500 405000 4000 4000 409000 -61350 347650 Y5 800000 5000 -211000 -39500 -1500 553000 6500 6500 559500 -139875 250000 5000 5000 -101500 -204000 -39500 -39500 -1500 10000 -1500 -87500 200 500 200 500 -87300 21825 -65475 10500 -2625 7875 419625 Assumptions 1. The VAT rate is 20%. 2. DSO (Days of Sale Outstanding) is 15. 3. DPO (Days Payable Outstanding) is 15. 4. VAT is payable or collectable every quarter. 5. Revenue and Other income/expense are subject to VAT in full. 6. The Corporate Income Tax is computed at the end of the year and paid the following year. 7. There are no payments on account of corporate income tax. 8. There are no temporary or permanent tax differences. 9. The initial investment in Property, Plant and Equipment is 15,000 and is subject to VAT. 10. The annual depreciation of PPE items is 10%. 11. Personnel expenses include a 30% Social Security contribution payable by the company monthly. 12. The withholding income tax is 15% computed monthly and amounts are payable quarterly. 13. The withholding Social Security contribution rate is 5% computed monthly and is payable monthly. 14. The company is initially financed with its own resources and equity is never below 50% of capital. 15. The bank loans, if any, are repaid in 4 years with equal instalments and bear an annual 5% interest rate. 16. The company pays 50% of net profit in dividends. 17. All interests are paid or collected immediately when due. 18. Figures are rounded to the nearest integer, so there are no decimals. To present the figures of the balance sheet and the statement of cash flows, you must use the formats included in the Spanish General Accounting Plan.
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Balance sheet The figures for the balance sheet are as follows Liabilities y1 y2 y3 y4 y5 Current Li... View the full answer
Related Book For
Small Business Management Launching & Growing Entrepreneurial Ventures
ISBN: 978-1133947752
17th edition
Authors: Justin Longenecker, William Petty, Leslie Palich, Frank Hoy
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