Please write all the formulas you use in answers and also write step by step how you get the answers..... don’t just write the answer, write all the calculations

Accounting for Managers (ACC00724) S2, 2019
Assessment 2 (20 Marks)
QUESTION 1 (10 Marks)
The following financial statements were prepared for the management of Morgan Ltd. The statements contain some information that will be disclosed in note form in the general purpose external financial statements to be issued to the investors.
Morgan Ltd
Income Statement
For the year ended 30 June 2018
Revenues (Note 2)                    $850,500
Expenses, excluding finance costs (Note 4)         686,700
Finance costs                         6,300
                            -------------
Profit before income tax                 157,500
Income tax expense                     63,000
                            -------------
Profit                             $ 94,500    
                            ========
Morgan Ltd
Statement of Financial Position
As at 30 June 2018
Cu
ent assets
Cash and cash equivalents                    $ 37,800
Accounts receivables                $299,250
Less: Allowance for doubtful debts         18,900
                        --------------
                                280,350
Inventories                            252,000
                                _______
Total cu
ent assets                        570,150
                                _______
Non-cu
ent assets
Land                                63,000
Building                    $189,000
Less: Accumulated Depreciation         37,800
                        _________    151,200
Store equipment                47,250
Less: Accumulated Depreciation        22,050
                        _________     25,200
                                _______
Total Non-cu
ent assets                    239,400
                                _______
Total assets                            809,550
                                =======
Cu
ent liabilities
Accounts payables                        270,900
Preference dividends payable                     3,780
Ordinary dividends payable                     25,200
Other cu
ent liabilities                         12,600
                                _______
Total cu
ent liabilities                    312,480
                                _______
Non-cu
ent liabilities
Long-term bo
owings (Note 5)                    63,000
                                _______
Total Non-cu
ent liabilities                    63,000
                                _______
Total liabilities                            375,480
                                _______
Net assets                            434,070
                                =======
Equity
Share capital                            $315,000
Retained earnings                         119,070
                                _______
Total equity                             434,070
                                =======
Morgan Ltd
Statement of Changes in Equity
For the year ended 30 June 2018
Share capital
Ordinary:
Balance at start of period                    $252,000
                                ________
Balance at end of period                     252,000
                                ________
Preference (Note 6):
Balance at start of period                     63,000
                                _______
Balance at end of period                     63,000
                                ________
Total share capital                        $315,000
                                ========
Retained earnings
Balance at start of period                     $53,550
Total profit for the period                     94,500
Dividends – preferences                         (3,780)
Dividends – ordinary                         (25,200)
                                ________
Balance at end of period                    $119,070
                                ========
Notes to the financial statements
Note 2: Revenue
    Sales                            $850,500
Note 4: Expenses
    Cost of sales                        567,000
    Selling and distribution expenses             89,000
    Administration expenses                 30,700
Note 5: Long-term bo
owings
    10% mortgage payable                     63,000
Note 6: Preference shares
    6% preference shares                     63,000
Additional information:
1. The balance of certain accounts at the beginning of the year are:
Accounts receivables        $315,000
Allowance for doubtful debts     (26,350)
Inventories            220,500
2. Total...