Question 2 Filimini Plc is a local company engaged in wholesale trade of construction materials. Its Financial Statements of the year ended \( 31^{\text {st }} \) December 2022 were as follows: Filimini Plc Statement of Financial Position as at \( 31^{\text {st }} \) December 2022 \begin{tabular}{|c|c|c|} \hline & 2022 & 2021 \\ \hline & TZS."000,000" & TZS."000,000" \\ \hline \multicolumn{3}{|l|}{ Non-current Assets } \\ \hline Property, plant and equipment & 2,850 & 2,050 \\ \hline Total Non-current assets & 2,850 & 2,050 \\ \hline \multicolumn{3}{|l|}{\begin{tabular}{l} Total Non-current assets \\ Current Assets \\ \end{tabular}} \\ \hline Inventories & \( 580 \quad-1-10 \) & 600 \\ \hline Trade receivables & 420 & 300 \\ \hline Cash and cash equivalents & 30 & 50 \\ \hline Total current assets & 1,030 & 950 \\ \hline Total assets & 3,880 \( \quad \) & 3,000 \\ \hline \multicolumn{3}{|l|}{\begin{tabular}{l} Total assets \\ Equity \& Liabilities \\ \end{tabular}} \\ \hline \multicolumn{3}{|l|}{\begin{tabular}{l} Equity \& Liabilities \\ Equity \end{tabular}} \\ \hline Share capital & 1,100 & 900 \\ \hline Share premium & 200 & \( \therefore 100 \) \\ \hline Retained earnings & 980 & 610 \\ \hline Revaluation surplus & 300 & 100 \\ \hline Total equity & 2,580 & 1,710 \\ \hline \multicolumn{3}{|l|}{\begin{tabular}{l} Total equity \\ Non-current liabilities \end{tabular}} \\ \hline Long-term loan & 950 & 800 \\ \hline Total Non-current liabilities & 950 & 800 \\ \hline Current liabilities & 1 & \\ \hline Trade payables & 290 & 320 \\ \hline Bank overdraft & 20 & 120 \\ \hline Current tax payable & 40 & 50 \\ \hline Total current liabilities & 350 & 490 \\ \hline Total equity and liabilities & 3,880 & 3,000 \\ \hline \end{tabular} 298
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It's a statement of financial position (also known as a balance sheet) for Filimini Plc for the years 2022 and 2021. This statement shows the company's assets, liabilities, and equity at the end of each year. The assets are divided into non-current assets Show more…
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Income statement and schedule of cost of goods manufactured. The following items (in millions) pertain to Schaeffer Corporation: Schaeffer's manufacturing costing system uses a three-part classification of direct materials, direct manufacturing labor, and manufacturing overhead costs. $$\begin{array}{lclr} {}{} {\text { For Specific Date }} & {}{} {\text { For Year 2017 }} \\ \hline \text { Work-in-process inventory, Jan. 1, 2017 } & \$ 10 & \text { Plant utilities } & \$ 8 \\ \text { Direct materials inventory, Dec. 31, 2017 } & 4 & \text { Indirect manufacturing labor } & 21 \\ \text { Finished-goods inventory, Dec. 31, 2017 } & 16 & \text { Depreciation- plant and equipment } & 6 \\ \text { Accounts payable, Dec. 31, 2017 } & 24 & \text { Revenues } & 359 \\ \text { Accounts receivable, Jan. 1, 2017 } & 53 & \text { Miscellaneous manufacturing } & 15 \\ & & \text { overhead } & \\ \text { Work-in-process inventory, Dec. 31, 2017 } & 5 & \text { Marketing, distribution, and } & 90 \\ & & \text { customer-service costs } & \\ \text { Finished-goods inventory, Jan 1, 2017 } & 46 & \text { Direct materials purchased } & 88 \\ \text { Accounts receivable, Dec. 31, 2017 } & 32 & \text { Direct manufacturing labor } & 40 \\ \text { Accounts payable, Jan. 1, 2017 } & 45 & \text { Plant supplies used } & 9 \\ \text { Direct materials inventory, Jan. 1, 2017 } & 34 & \text { Property taxes on plant } & 2 \end{array}$$ Prepare an income statement and a supporting schedule of cost of goods manufactured. (For additional questions regarding these facts, see the next problem.)
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