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Sunny and Sunshine Ltd

In: Business and Management

Submitted By tomars321
Words 1371
Pages 6
Question 1
(A) Income Statement for the year ended 31st December 2010

Sunsine ltd | | | Income statement | | Year ended 31 December 2010 | | Sales | | | | 300,000 | | Less | | | | | | Cost of Goods | | | 180,000 | | Gross Profit | | | | 120,000 | Less Expenses | | | | | Selling, General and administrative expenses | 24,000 | | Interest Expenses | | | 16,000 | | Profit before tax | | | | 80,000 | Income Tax Expense | | 28,000 | | Net Profit | | | | 52,000 |

Statement of changes in owners’ equity Sunshine Ltd | | | Statement of Changes in Owners’ Equity | | Year ended 31 December 2010 | | O/Balance Retained Earnings | | 43,000 | | Share capital | | | 70,000 | | Balance at beginning of the year | | 113,000 | Add | | | | | | Net Profit | | | 52,000 | | | | | | | 165,000 | Less | | | | | | Dividend Paid | | | 13,000 | | Balance | | | | | 153,000 |

(B) The company’s average income tax rate is 35%
This is calculated by income tax expense/profit before tax*100
Calculation 28,000/80,000*100 = 35%

(C) The company is charged 16% Pa on its long term borrowings
This is calculated by interest Expense/Long Term borrowings *100 Calculation 16000/100,000*100 =16%

(D) From the information provided it can be seen that the company pays one quarter of its earnings or 25% of its earnings in the form of dividends
Calculation Dividend/ Net Profit * 100 = 13,000/52,000 * 100 = 25%

Question 2a Sales Revenue | Cost of Sales | Other

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