SECTION A ACCOUNTING McCrea plc is a UK manufacturer of garden furniture. The company has provided the following financial statements: Statement of Financial Position as at 31 December 2019: £'000 Assets Non-current assets Property Plant and equipment Current assets Inventory Trade receivables Cash Current liabilities Trade payables Taxation Bank overdraft Interest payable Non-current liabilities and equity Long term loans £1 ordinary shares Reserves Sales revenue Cost of goods sold Gross profit 1,050 850 Operating expenses Operating profit Interest expense Net profit before tax Taxation Net profit for the year 640 1,230 80 850 40 125 30 Income Statement for the year ended 31 December 2019: £'000 12,100 (9,590) 2,510 (1,935) 575 (50) 525 700 750 1,355 (115) 410

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