Question 1.2

Here I have answered the Question 1.2, its interesting how much the organisation has to account for monetarily. I hope other people find this interesting!!! Ill be posting to other peoples blogs when the information is available!!

Question 1-2

For your firm, identify three Assets, three Liabilities and three items of Equity. Describe what each item means to you. Put on your blog your answer to this question and comment on the answers to this question of at least three other people. Include links to your blog and also to your comments in other people’s blogs

TITLE	Amount (‘000)	Meaning
ASSETS
Inventories	$1,571	The current on hand stock which is yet to be used and or sold.
Plant and Equipment	$1,792	The value of the equipment and the value of the lease in plant (land) including the accumulated depreciation.
Cash and Cash Equivalents	$12,924	The current cash on hand present within the Saunders International as at 30 June 2013.
LIABILITIES
Provisions	$2,963	Provisions are the costs from the lawsuit that Saunders international is involved in.
Trade and other payables	$6,226	Accounts that are yet to be paid by Saunders International
Current tax liabilities	$1,311	The tax Saunders International is legally obligated to pay as the result of a taxable event
EQUITY
Issued capital	$7,726	The amount of nominal share value held by the shareholders within Saunders International
Retained earnings	$9,099	A portion of the firms income which is withheld by the organisation rather than distributing it to shareholders
Share based payments reserve	$124	The reserve holding the payments to be owed to shareholders