Help please here the question.

1. Study the following financial year accounts of Brakers Ltd and answer the following questions.

Items on the income statement on 28 February 1985

Administration and sales expense 50 000
Interest paid 7 500
Gross income 157 500
income before tax 100 000
Dividend on preference shares 15 000
Dividend on common shares 30 000
Net sales 456 000
Tax 45‰


1. Draw up income statement and show cost of sales, trade income the enterprise income, the net income assignable to common shareholders and the undivided income for the year and the undivided income for the year and the undivided income at the beginning of the year.

2. Draw up a balance sheet, where assets are properly classified. Calculate separately the fixed, the floating assets, the net floating assets, the capital available on indefinite long term and on definite long term, outside capital, own capital and short term capital.


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CaptainForest

What do you think the answer is?

Moises82

Thanks Captain Forest,

this i what i did so far Please help me :



1. Brakers Ltd
income statemente 28 february 1985


Turnover 456 000
Cost of sales 298 500
Gross income 157 500
Admin& sales expense 50 000
Trade income 107 500
investment income 0
EBIT -Income before iterest & tax 107 500
Interest paid 7 500
EBT- income befor tax 100 000
Tax 44%

Net income after tax 55 000
Preference devidend 15 000
Net income from common shareholders 40 000
Common devidends 30 000
undevided for the year 10 000
undevided at begining 40 000
undevided at end 50 000



2. Brakers Ltd
Balance sheet 28 february 1985


OWN CAPITAL

common shares 30 000
General reserves---
non devisible reserves 55 000
common shares interest 7500
preference on shares 15 000
Mortage loan----

TOTAL 107 500


FIXED ASSETS

Land and building -
Machinery & equip -

Floating assets(current assets):

cash 55 000
trade debtor ---
stock - ----

Floating Liabilities:

Bank overdraft-----
Trade creditors----
Tax due 45 000
Expenses due(devidend due) 7500


TOTAL 107 500

MY QUESTIONS ARE :

1- how do i calculate the Capital on indefinit and definit long term
2-ouside capital
3- short term capital

Please help in correcting me,

Moises82

CaptainForest,

Can you help me? say something please

Thanks still waiting,

Moises82

Can anyone please help any suggestions are welcome THANK YOU!!