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c. Schedule of bonds for the outstanding bonds as of December 31, 2024
Bond #
Face Value
Stated Interest Rate
Maturity Period
Interest expense
Outstanding Balance
1
6
6%
4
0.36
6
2
10
5%
20
0.50
10
3
30
12%
3
3.60
30
4
20
10%
10
2.00
20
5
600
10%
15
60.00
600
Total
666
66.46
666
d. Schedule of leases for the outstanding leases as of December 31, 2024
Lease #
Lease type
Lease Payment
Lease Period
Lease Expense
Interest Expense
Outstanding balance – asset
Outstanding balance – liability
1
Finance lease
0.10
5
0.10
0.03
1.70
2
Equipment lease
0.20
6
0.20
0.07
3.85
3
Finance lease
0.20
5
0.20
0.08
1.49
e. Basic and Diluted EPS (2024)
2. Income Statement for the year ended December 31, 2024:
Income Statement for the year ended December 31, 2024
Particulars (in $ millions)
Amount
Amount
Cash sales
1,120.00
Credit sales
480.00
Sales
1,600.00
Cost of goods sold
320.00
Gross profit
1,280.00
Employee compensation
465.00
Depreciation-Building
20.00
Depreciation-Plant and Equipment
60.00
Insurance expense
40.00
Total expenses
585.00
Operating profit
695.00
Interest expenses
66.46
Lease interest payments
0.56
PBT
628.54
Tax
37.14
Profit
591.41
3. Balance Sheet as of December 31, 2024:
Particulars (in $ millions)
Amount
Amount
Assets
Cash and cash equivalents
896.47
Accounts receivable
480.00
Inventory
120.00
Prepaid insurance
20.00
Property, plant and equipment
Buildings
400.00
Less: Accumulated depreciation
-40.00
360.00
Plant and equipment
600.00
Less: Accumulated depreciation
-120.00
480.00
Patents
30.00
Lease asset
3.72
Treasury bill
18.00
Total Assets
2,408.20
Liabilities
Accounts payable
64.00
Salaries payable
0.00
Interest payable
66.46
Income tax payable
37.14
Deferred tax liabilities
20.00
Net pension benefit obligation
500.00
Lease liability
3.00
Bonds payable
666.00
Total liabilities
1,356.59
Shareholders’ equity
Common stock
34.4
Paid-in-capital – Excess of par
120.00
Paid-in-capital – stock options
1.00
Paid-in-capital – repurchases
9.00
Retained earnings
887.21
Less: Treasury stock
-20.00
1,031.61
Preferred stock
20.00
Total shareholders’ equity
1,051.61
Total liabilities and shareholders’equity
2,408.20
4. Cash Flow Statement for the year ended December 31, 2024:
Cash Flow Statement for the year ended December 31, 2024
Opening cash
550
Accounts receivable
240
Accounts payable
-200
Cash purchase
-256
Cash sales
1,120
Salaries payable
-360
Interest payable
-20
Income tax payable
-40
Lease payment
-1.61
Treasury bill
-18.00
Insurance
-50.00
Stock option
5.40
Repurchase shares
-4.50
-68.82
Closing balance
896
5. Statement of Shareholders’ equity for the year ended December 31, 2024:
Preferred stock
Equity
Retained earnings
Total shareholder’s equity
Opening balance
20.00
30.00
300.00
350.00
Stock option
5.40
5.40
Issued shares
3.00
3.00
Repurchase
-4.50
-4.50
-9.00
Equipment purchase
0.20
0.20
Reissued shares
0.3
0.3
0.60
Net income
591.41
591.41
20.00
34.40
887.21
941.61
Reference:
Al-Hashimy, H.N.H., 2022. A review of accounting manipulation and detection: technique and prevention methods. International Journal of Business and Management Invention, 11(10), pp.82-89.
Jasim, Y.A. and Raewf, M.B., 2020. Information technology’s impact on the accounting system. Cihan University-Erbil Journal of Humanities and Social Sciences, 4(1), pp.50-57.
