The Summarised Comparative Statement of Financial Position for Surf Life Ltd

Key Changes in the Statement of Financial Position

The key changes in the Statement of Financial Position for Surf Life Ltd for the year ended 30 June 2020 are as follows:

The total assets increased by $67,000, rising from $698,000 to $765,000. This increase was primarily driven by the escalation in various components such as cash, accounts receivable, inventories, property, plant, and equipment, as well as deferred tax asset.

The liabilities saw a rise of $7,000, increasing from $130,000 to $137,000. This rise was due to factors including an escalation in accounts payable, additional provision for employee benefits, current tax liability, and dividend payable.

The equity value rose by $50,000, transitioning from $335,000 to $385,000. This increase in equity was driven by a rise in accumulated profits.