Question

Use the following information for Clarington Inc. for Problems 24 and 25 (assume the tax rate is 34 percent): 2014 2015 $11,573 $12,936 1,661 1,736 3,979 4,707 946 824 776 926 Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 6,067 6,466 8,034 9427 1,171 1,147 20,320 24,696 50,888 54,273 4,384 4,644 14,283 15,288 1,411 1,618 Click here for a description of Table: Questions and Problems Challenge 23. 24. Financial Statements (LOI) Draw up an statement of comprehensive income and statement of financial position for this company for 2014 and 2015.

please draw up an statement of comprehensive income and statement of financial position for this company for 2014 and 2015.

Answer 1

Statement of comprehensive income:

Particulars	2014	2015
Sales (A)	11,573	12,936
Cost of goods sold (B)	(3,979)	(4,707)
Gross profit (C) (A-B)	7,594	8,229
Depreciation (D)	1,661	1,736
Other expenses (E)	946	824
EBIT (F) (C-D-E)	4,987	5,669
Interest expense (G)	776	926
EBT (H) (F-G)	4,211	4,743
Tax @34% (I)	1,432	1,613
EAT (J) (H-I)	2,779	3,130
Dividends (K)	1,411	1,618
Net income (L) (J-K)	1,368	1512

Statement of financial position:

Particulars	2014	2015
Cash	6,067	6,466
Accounts receivable	8,034	9,427
Inventory	14,283	15,288
Net fixed assets	50,888	54,273
Total Assets	79,272	85,454
Short term notes payable	1,171	1,147
Long term debt	20,320	24,696
Accounts payable	4,384	4,644
Net income	1,368	1,512
Equity (Balancing figure)	52,029	53,455
Total Liabilities	79,272	85,454