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The balance sheet of Baines Energy Limited for the years ended 31/12/2021 and ...
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The balance sheet of Baines Energy Limited for the years ended 31/12/2021 and 31/12/2022 is given below:
|
31/12/2022
|
31/12/2021
|
Assets
|
$
|
$
|
Property Plant and Equipment
|
7,368,000
|
6,083,000
|
Less Accumulated depreciation
|
(1,000,000)
|
(850,000)
|
Carrying Value
|
6.368,000
|
5,233,000
|
Investment in Equity Instruments
|
1,500,000
|
900,000
|
Bank
|
15,000
|
10,000
|
Financial Assets Held for Trading
|
800,000
|
500,000
|
Accounts receivable
|
1,264,000
|
1,300,000
|
Inventory
|
80,000
|
125,000
|
Total Assets
|
10,027,000
|
8,068,000
|
Liabilities
|
|
|
Accounts Payable
|
200,000
|
300,000
|
Accrued Expenses
|
300,000
|
100,000
|
Accrued Interest
|
53,000
|
23,000
|
Tax Payable
|
212,000
|
150,000
|
Long Term Loan Due within One Year
|
200,000
|
180,000
|
Long Term Loan
|
1,100,000
|
1,300,000
|
Total Liabilities
|
2,065,000
|
2,053,000
|
Net assets
|
7,962,000
|
6,015,000
|
Shareholders’ Equity
|
|
|
Contributed equity
|
6,555,000
|
5,255,000
|
Asset Revaluation reserve
|
530,000
|
500,000
|
Fair Value Reserves
|
200,000
|
100,000
|
Retained profits
|
677,000
|
160,000
|
Total Shareholder equity
|
7,962,000
|
6,015,000
|
The Statement of Comprehensive Income of Baines Energy Limited for the year ended 31/12/2022 include the followings:
|
$
|
Revenue
|
10,600,000
|
Other Income and Gains
|
520,000
|
Total Income
|
11,120,000
|
Less Cost of Goods Sold
|
(8,555,000)
|
Gross Profit
|
2,565,000
|
Less: Operating Expenses
|
(1,555,000)
|
Operating Profit
|
1,010,000
|
Less Interest Expense
|
(130,000)
|
Profit Before Tax
|
880,000
|
Taxation
|
(215,000)
|
Profit for the year
|
665,000
|
Other Comprehensive income
|
|
Increase in Asset Revaluation Reserve
|
30,000
|
Gain on revaluation of investment in equity instruments
|
100,000
|
Total comprehensive income
|
795,000
|
Additional Information for year ended 31 December 2022:
1, Land was acquired for cash considerations. There were no disposal of property plant and equipment.
2. Equity instruments and financial assets held for trading were acquired for
cash considerations. There were no sales of equity instruments or financial
assets held for trading.
3. The company issued new shares for cash considerations.
Included in other income and gains is an amount $200,000 related to gain
from revaluation of financial assets held for trading.
4. Included in operating expenses are accrued expenses of $350,000
5. The accumulated depreciation on property plant and equipment that was
revalued at 31 December 2022 was $120,000.
6. Interim dividends were paid in July 2022.
The Net Cash Flows related to Financing Activities for the year ended 31 December 2022 is: