Question 1                                                     

Financial statements of Nimbin Pty Ltd are presented below:

Nimbin P/L

Statement of Financial Position

As at 30 June 2013 and 2014

($000)

2014                2013

Current assets

Cash and cash equivalents                                          $1,645             $2,110

Accounts receivables (all trades)                                  4,100               3,675

Inventories                                                                    7,000             6,930

______            _____

Total current assets                                         12,745             12,715

______            ______

Non-current assets

Property, plant and equipment                                    17,190             15,330

_______          ______

Total non-current assets                                  17,190             15,330

_______          _______

Total assets                                                                 $29,935           $28,045

=======        ======

Current liabilities

Payables                                                                      $5,780             $5,990

_______          ______

Total current liabilities                                                5,780               5,990

_______          ______

Non-current liabilities

Interest-bearing liabilities                                            9,940               9,450

_______          _____

Total non-current liabilities                             9,940               9,450

_______          _______

Total liabilities                                                             $15,720           $15,440

======          ======

Equity

Share capital                                                                $7,700             $7,700

Retained earnings                                                         6,515               4,905

_______          _______

Total equity                                                                 $14,215           $12,605

======          ======

Nimbin P/L

Income Statement

As at 30 June 2014

($000)

Revenues (net sales)                                                   $55,000

Less: cost of sales                                                         35,100

_______

Gross profit                                                                   19,900

_______

Less: Expenses

Selling and distribution expenses                      7,100

Administrative expenses                                    4,970

Finance costs                                                     1,560

______

Total expenses                                                13,630

______

Profit before income tax                                               6,270

Income tax expense                                          1,908

______

Profit                                                                           $4,362

=====

Nimbin P/L

Statement of changes in Equity

For the year ended 30 June 2014

($000)

Share capital

Ordinary (7,200.000 shares)

Balance at start of period                                            $7,200

______

Balance at end of period                                             7,200

_______

Preference (250,000 shares)

Balance at start of period                                            500

______

Balance at end of period                                             500

______

Total share capital                                                       $7,700

======

Retained Earnings

Balance at start of period                                            $4,905

Total income for the period                                          4,362

Dividends paid – ordinary                                          (2,702)

Dividends paid – preference                                             (50)

______

Balance at end of period                                             $6,515

======

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