In: Accounting
A summarised comparative statement of financial position of Gilbert Ltd is presented below, together with the statement of profit or loss for the year ended 30 June 2019.
Gilbert Ltd Statements of Financial Position (extract) as at 30 June 2019 |
2019 |
2018 |
|||||
$ |
$ |
|||||
Cash |
73 000 |
60 000 |
||||
Trade receivables |
90 000 |
80 000 |
||||
Allowance for doubtful debts |
(6 000) |
(3 000) |
||||
Inventory |
50 000 |
45 000 |
||||
Available for sale investments |
24 000 |
17 000 |
||||
Plant |
110 000 |
106 000 |
||||
Accumulated depreciation |
(53 000) |
(35 000) |
||||
Total Assets |
288 000 |
270 000 |
||||
Accounts payable |
45 000 |
65 000 |
||||
Interest payable |
3 000 |
5 000 |
||||
Borrowings |
80 000 |
50 000 |
||||
Share capital |
100 000 |
100 000 |
||||
Reserves |
10 000 |
5 000 |
||||
Retained earnings |
50 000 |
45 000 |
||||
Total liabilities and equity |
288 000 |
270 000 |
||||
Gilbert Ltd Statement of Profit or Loss (extract) for the year ended 30 June 2019 |
||||||
Sales (all on credit) Cost of sales Gross profit Doubtful debt expenses Wages Employee entitlements Depreciation expense Interest expense |
120 000 (44 000) 76 000 (5 000) (6 000) (4 000) (48 000) (7 000) |
|||||
Additional information
REQUIRED
Prepare a cash flow statement for Gilbert Ltd for the year ending 30 June 2019 using the direct method. Notes are not required. Show all workings as marks are awarded for workings.