Question 4 (7p)
The CFO at Bomull & Sant Ltd is compiling the income statement and the balance sheet for the year 2023 according to the recommended format of FAR (Swedish Institute of Authorized Public Accountants) and has listed the most important items included in these reports, in the table below (in TSEK).
Compile an income statement and a balance sheet for the company according to FAR's recommended format, where the annual profit after tax is included. The corporate tax rate is 22%.
Share capital | 6,000
Depreciation according to plan | 1,800
Total equity | To be calculated
Profit/loss brought forward | 809
Appropriations | 2,400
Buildings and land | 10,000
Total liabilities | To be calculated
Check account (balance at the end of the year) | 100
Prepaid expenses and accrued income | 1,400
Accrued expenses and deferred income | 1,900
Total fixed assets | To be calculated
Cost of raw materials and consumables | 4,200
Profit/loss before tax | To be calculated
Cash and bank balance | 7,200
Accounts receivable – trade | 2,500
Non-current liabilities | 16,500
Total current assets | To be calculated
Accounts payable – trade | 4,100
Machinery and equipment | 8,100
Operating profit/loss after depreciation | To be calculated
Untaxed reserves (incl. allocation for this year) | 4,800
Total assets | To be calculated
Salaries | 9,400
Interest revenues | 420
Total equity and liabilities | To be calculated
Interest costs | 1,450
Net sales (excl. VAT) | 24,800
Tax on this year’s profit | To be calculated
Tax liabilities (incl. tax on this year’s profit) | 950.40
Inventories | 8,900
Profit/loss after financial items | To be calculated
Operating profit/loss before depreciation | To be calculated
Annual profit/loss | To be calculated
Other external costs | 2,200
NOTE: You must use the separate answer sheet (two pages) for Question 4.