Practise using financial documents to interpret income, assets and liabilities, calculate changes and explain how accounts support business decisions.
Artify Studio was set up in 2015 by Tay Hui Jae in the busy Kampong Glam area of Singapore. Artify Studio's aim is to have 'a communal art space where people can come together and paint, where people would be given as much creative freedom as they would have if they were in their own spaces.'
Artify Studio provides many services including its popular Liberty Art Jam where customers can paint as well as listen to music. The studio offers a Corporate Art Jam and Regular Kids Classes. Customers can purchase art materials after attending the studio.
Artify Studio is a profit-making organisation with a social element. It employs seven part-time people, all of whom are art enthusiasts.
Which one of the following is a main feature of the statement of comprehensive income?
Select one answer.
Current assets
Non-current liabilities
Cost of sales
Capital employed
Nantgwynfaen Organic Farm (NOF) is a farm growing a range of fruit and vegetables. It has a farm shop and offers accommodation with breakfast. It was set up by Amanda and Ken Edwards in West Wales, UK.
NOF supports farmers by selling local organic produce in its farm shop. The produce from the farm shop is served to the visitors staying overnight at the farm.
NOF is committed to being environmentally friendly by recycling, avoiding the use of packaging and reducing the use of electricity.
Define the term non-current liabilities.
Saha is a small business in Türkiye (formerly known as Turkey) that opened in 2020 with 15 employees. It designs and manufactures robots which are used in hospitals, hotels and restaurants. In hospitals its robots are used to move medical supplies between departments. In hotels and restaurants, the robots are used to welcome customers as they arrive and deliver food and drinks to hotel rooms and restaurant tables. Saha provides a seven day a week customer service for all businesses buying its robots.
Many new businesses are entering the global robot market and are competing for market share. Competitors in Türkiye include NIO, Zoox and Vention.
Saha has ambitious growth plans and has started to design robots that will be used in the home to help people with cleaning, shopping, security and entertainment. It aims to become a multinational business within five years to manufacture robots in all continents of the world.
Figure 1 shows an extract from a statement of comprehensive income in 2023.
Which one of the following is the operating profit in 2023?
Select one answer.
£29000
£79000
£72000
£61000
State one non-current asset that Saha is likely to have.