2000 Annual Report - Heron Resources Limited

5.0 Continued
Financial Statements
k) Trade and Other Creditors
These amounts represent liabilities for goods and services provided to the economic entity prior to the end of the
financial year and which are unpaid. These amounts are unsecured and are usually paid within 30 days of recognition.
l) Receivables and Revenue Recognition
Bills of Exchange
Bills of Exchange have been purchased in the market at a discount to face value. The Bills are carried at an amount
representing cost and a portion of the discount recognised as income on an effective yield basis. The discount brought
to account each period is accounted for as interest received.
m) Earnings per Share
i) Basic Earnings per Share
Basic earnings per Share is determined by dividing the operating profit/(loss) after income tax by the weighted
average number of ordinary Shares outstanding during the financial year, adjusted for bonus elements in ordinary
Shares issued during the year.
ii)
Diluted Earnings per Share
Diluted earnings per Share adjusts the figures used in the determination of basic earnings per Share by taking into
account amounts unpaid on ordinary Shares and Options and any reduction in earnings per Share that will probably
arise from the exercise of Options outstanding during the financial year.
Economic Entity
Parent Entity
2000 1999 2000 1999
$ $ $ $
NOTE 2.
OPERATING LOSS
The operating loss before income tax is arrived at after:
a) Charging as Expenses:
Depreciation 50,858 48,761 50,858 48,761
Loss on sale of tenements - 77,563 - 77,563
Employee entitlements 1,330 1,623 1,330 1,623
Exploration expenditure written off 29,354 - 29,354 -
b) Crediting as Income:
Interest received from other persons 156,718 81,787 156,718 81,787
c) Revenue:
Other revenue
Interest received 156,718 81,787 156,718 81,787
Proceeds from sale of tenements 15,000 67,500 15,000 67,500
171,718 149,287 171,718 149,287
page 50 Heron Resources NL Annual Report 2000