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Financial Statements for Aurora Gaming

The document provides financial data for Aurora Gaming Company for the years 2023 and 2022, detailing assets, liabilities, and equity. It outlines the requirement to prepare financial statements including the Statement of Financial Position, Statement of Profit and Loss, Statement of Cash Flows, and accompanying notes in accordance with PAS 1. Key figures include total assets of 415,655 in 2023 and net income of 172,709 for the same year.

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Jovelyn Mamusog
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17 views2 pages

Financial Statements for Aurora Gaming

The document provides financial data for Aurora Gaming Company for the years 2023 and 2022, detailing assets, liabilities, and equity. It outlines the requirement to prepare financial statements including the Statement of Financial Position, Statement of Profit and Loss, Statement of Cash Flows, and accompanying notes in accordance with PAS 1. Key figures include total assets of 415,655 in 2023 and net income of 172,709 for the same year.

Uploaded by

Jovelyn Mamusog
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

AEC102: Conceptual Frameworks and Accounting Standards

Sample Problem
Practical Assessment

Given below are the information pertaining to the operations of Aurora Gaming Company for
the year 2023 and 2022, respectively. The company uses calendar method of accounting.

2023 2022
Cash in Bank – MBTC 29,559 33,011
Treasury Bill, 30 days 173,594 180,758
Accounts Receivable 54,989 55,573
Notes Receivable 58,552 40,535
Advances to suppliers 16,640 14,544
Advances to contractors 3,190 9,740
Allowance for impairment (13,656) (9,925)
Supplies 1,908 1,482
Prepaid taxes and licenses 1,606 1,227
Prepaid insurance 640 603
Prepaid rent 442 426
Work in Process Inventory 52,153 37,901
Raw Materials Inventory 24,667 20,431
Forward Contracts 560 781
Interest Swap Receivable 1,032 908
Investment at FMVTOCI 980 890
Restricted Cash - noncurrent 1,200 1,800
Security deposit 818 1,700
Land 3,403 4,431
Building 1,189 1,257
Equipment 468 390
Accumulated Depreciation (1,561) (1,950)
Investment Property 1,160 1,300
Patent 891 700
Franchise 650 700
Goodwill 581 586
Total 415,655 399,799

Accounts Payable 8,790 5,592


Accrued Expenses 2,768 2,434
Futures Payable 1,209 1,301
Income Tax Payable 850 679
Notes Payable - trade 1,040 940
Bonds Payable 2,000 2,000
Premium on Bonds Payable 100 110
Mortgage Payable 20,000 20,000
Preference Share, 12% cumulative 97,000 97,399
Ordinary Share 100,000 100,000
Share premiums 5,139 5,505
Retained Earnings 5,250 1,858
Treasury Shares (1,200) (1,200)
Net Income 172,709 163,181
Total 415,655 399,799

Revenues 626,335 770,284


Cost of Sales 343,168 515,198
Freight, trucking and handling 7,889 7,194
Personnel 7,724 7,330
Advertising and promotion 592 490
Depreciation, amortization, and impairment 397 475
Rent 1,655 2,824
Supplies 1,232 1,071
Taxes and licenses 678 621
Interest Expense 4,343 5,028
Provision for income tax 85,948 66,872
Net Income 172,709 163,181

Requirement. Prepare the following components of financial statements in accordance to


the requirements of PAS 1: Presentation of Financial Statements.

1. Statement of Financial Position


2. Statement of Profit and Loss
3. Statement of Cash Flows
4. Notes

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