Homework answers / question archive / Geronimo Ltd statement of Profit or Loss for the period ended 31 December 2016 and statement of Financial Position for the year ended 31 December 2015 and 2016 were as follows: Geronimo Ltd Statement of profit or loss for the year ended 31 December 2016                                                                £,000 Sales revenue                                        1,100 Cost of Sales                                           (678) Gross Profit                                               422 Operating Expenses                                 (309) Operating Profit                                          113                                                                                                                       Investment income-Interest                        72 FinanceCost                                              (22)                                                                                        Profit before tax                                         163 Income tax expenses                                 (71)                                                                                      Profit for the year                                       92                                                                                               Geronimo Ltd Statement of financial position as at 31 December                                                                 2016                                                2015                                                       £, 000             £, 000                         £, 000          £, 000 ASSETS Non-current assets Cost                                             1,048                                                     750                          Depreciation                                  (190)                                                   (120)                                                                                858                                                   630 Current assets Inventory                                        98                                                     105 Trade receivables                          102                                                     86 Cash                                                42                                                      18                                                                                  242                                                  209 Total assets                                                          1,100                                                  839 EQUITY AND LIABILITIES Equity Share capital                                     200                                                 120 Share premium                                   79                                                  57 Revaluation reserve                          212                                                  12 Retained earnings                             283                                                 226                                                                          774                                                      415 Non-current liabilities Long-term loan                                                      200                                                    300 Current liabilities Trade payables                                47                                                   52 Interest Payable                                 3                                                     5 Tax payable                                      76                                                   67                                                                                126                                                      124 Total equity and liabilities                                 1,100                                                     839 Operating expenses include a loss on disposal of £5,000 relating to plant which originally cost £80,000 and with accumulated depreciation of £15,000 which was disposed of during the year

Geronimo Ltd statement of Profit or Loss for the period ended 31 December 2016 and statement of Financial Position for the year ended 31 December 2015 and 2016 were as follows: Geronimo Ltd Statement of profit or loss for the year ended 31 December 2016                                                                £,000 Sales revenue                                        1,100 Cost of Sales                                           (678) Gross Profit                                               422 Operating Expenses                                 (309) Operating Profit                                          113                                                                                                                       Investment income-Interest                        72 FinanceCost                                              (22)                                                                                        Profit before tax                                         163 Income tax expenses                                 (71)                                                                                      Profit for the year                                       92                                                                                               Geronimo Ltd Statement of financial position as at 31 December                                                                 2016                                                2015                                                       £, 000             £, 000                         £, 000          £, 000 ASSETS Non-current assets Cost                                             1,048                                                     750                          Depreciation                                  (190)                                                   (120)                                                                                858                                                   630 Current assets Inventory                                        98                                                     105 Trade receivables                          102                                                     86 Cash                                                42                                                      18                                                                                  242                                                  209 Total assets                                                          1,100                                                  839 EQUITY AND LIABILITIES Equity Share capital                                     200                                                 120 Share premium                                   79                                                  57 Revaluation reserve                          212                                                  12 Retained earnings                             283                                                 226                                                                          774                                                      415 Non-current liabilities Long-term loan                                                      200                                                    300 Current liabilities Trade payables                                47                                                   52 Interest Payable                                 3                                                     5 Tax payable                                      76                                                   67                                                                                126                                                      124 Total equity and liabilities                                 1,100                                                     839 Operating expenses include a loss on disposal of £5,000 relating to plant which originally cost £80,000 and with accumulated depreciation of £15,000 which was disposed of during the year

Accounting

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Geronimo Ltd statement of Profit or Loss for the period ended 31 December 2016 and statement of Financial Position for the year ended 31 December 2015 and 2016 were as follows:

Geronimo Ltd Statement of profit or loss for the year ended 31 December 2016

                                                               £,000

Sales revenue                                        1,100

Cost of Sales                                           (678)

Gross Profit                                               422

Operating Expenses                                 (309)

Operating Profit                                          113

                                                                                                                     

Investment income-Interest                        72

FinanceCost                                              (22)                                                                                       

Profit before tax                                         163

Income tax expenses                                 (71)                                                                                     

Profit for the year                                       92                                                                                              

Geronimo Ltd Statement of financial position as at 31 December

                                                                2016                                                2015

                                                      £, 000             £, 000                         £, 000          £, 000

ASSETS

Non-current assets

Cost                                             1,048                                                     750                         

Depreciation                                  (190)                                                   (120)

                                                                               858                                                   630

Current assets

Inventory                                        98                                                     105

Trade receivables                          102                                                     86

Cash                                                42                                                      18

                                                                                 242                                                  209

Total assets                                                          1,100                                                  839

EQUITY AND LIABILITIES

Equity

Share capital                                     200                                                 120

Share premium                                   79                                                  57

Revaluation reserve                          212                                                  12

Retained earnings                             283                                                 226

                                                                         774                                                      415

Non-current liabilities

Long-term loan                                                      200                                                    300

Current liabilities

Trade payables                                47                                                   52

Interest Payable                                 3                                                     5

Tax payable                                      76                                                   67

                                                                               126                                                      124

Total equity and liabilities                                 1,100                                                     839

Operating expenses include a loss on disposal of £5,000 relating to plant which originally cost £80,000 and with accumulated depreciation of £15,000 which was disposed of during the year.

Requirements

statement of cash flows for Geronimo Ltd for the year ended 31 December 20X6 in accordance with the requirements of IAS 7, using the indirect method. The reconciliation of profit before tax to cash generated from operations should be shown as a note.