Study the following Goget financial statements and answer the questions below.
Statement of Comprehensive Income for the year ended 31 Dec 2012
31 Dec 11 31 Dec 12
Sales 4 005 153 4 440 654
Cost of sales 1 968 238 2 105 827
Gross Profit 2 036 915 2 334 827
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Expenses
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992 086
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1 134 525
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Selling & Distribution costs
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421 969
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499 931
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Marketing expenses
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130 026
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163 708
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Research and development
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64 472
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65 287
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Fixed and admin expenses 375 619 405 599
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Operating Profit
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1 044 829
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1 200 302
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Finance Income
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38 680
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59 288
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Finance costs
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-56 411
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-40 473
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Dividend Income
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9 619 10 647
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Profit before tax and abnormal items
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1 036 717 1 229 764
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Abnormal item
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- 269 000
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Taxation
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246 835 317 536
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Net Profit after tax
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789 882 643 228
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Dividend - -
Retained Earnings 789 882 643 228
Capital and Reserves
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Issued Share Capital
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17 363
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17 365
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Share premium
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1 203 854
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1 190 290
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NDR
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77 494
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349 061
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Retained Earnings
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1 001 942 1 357 939
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Total shareholders Equity
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2 300 653 2 914 655
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Non-controlling interest
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24 943 158 685
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Total Equity 2 325 596 3 073 340
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Long-term Loan
Other long-term liabilities
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117 076
20 981
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453 830
39 769
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Non-Current Liabilities
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138 057
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493 599
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Bank Overdraft
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221
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-
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Trade payables
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630 743
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957 922
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Short term borrowings
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194 405
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126 787
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Provisions
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68 752
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84 464
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Taxation payable
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29 726
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21 233
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Current Liabilities
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923 847
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1 190 406
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Total Equity and Liabilities
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3 387 500
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4 757 345
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ASSETS
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Property plant and Equipment
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599 746
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857 471
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Deferred Tax
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20 030
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23 967
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Investments
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138 037
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139 012
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Investments in Associates
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12 200
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12 200
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Intangible assets 304 240 424 149
Non-Current Assets 1 074 253 1 456 799
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Inventories
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583 704
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719 236
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Trade and other receivables
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1 036 605
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1 150 393
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Cash and cash equivalents 692 938 1 430 917
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Current Assets
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2 313 247
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3 300 546
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Total Assets
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3 387 500
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4 757 345
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With the use of ratios:
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Calculate and comment on any three liquidity of the Goget Company.
Calculate and comment any three profitability ratios of the company.
Calculate and comment on any three turnover ratios.
Concerning the Auditor's report answer the following:
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Who is responsible for the preparation of
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the
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Annual
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financial statements?
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(1)
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To whom should an audit report addressed to and why? (2)
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What is the difference between a qualified and unqualified audit opinion.