In: Accounting
The financial statements for Waverley Ltd are provided below:
Waverley Ltd
Comparative Balance Sheet
As at 30 June 2019 and 2020
2019 |
2020 |
|
Assets |
||
Cash At Bank |
167,000 |
215,000 |
Accounts Receivable |
213,000 |
158,000 |
Inventory |
68,000 |
73,000 |
Prepaid Rent |
4,000 |
5,000 |
Buildings |
320,000 |
350,000 |
Accumulated Depreciation – Buildings |
(108,000) |
(132,000) |
Equipment |
67,000 |
78,000 |
Accumulated Depreciation – Equipment |
(25,000) |
(26,000) |
706,000 |
721,000 |
|
Liabilities |
||
Accounts Payable |
236,000 |
228,000 |
Dividend Payable |
12,000 |
13,000 |
Salary Payable |
18,000 |
20,000 |
Tax Payable |
16,000 |
17,000 |
Bank Loan |
158,000 |
171,000 |
440,000 |
449,000 |
|
Equity |
||
Capital |
170,000 |
164,000 |
Retained Earnings |
96,000 |
108,000 |
266,000 |
272,000 |
Waverley Ltd
Income Statement
For the Year Ended at 30 June 2020
Sales |
1,000,000 |
|
COGS |
(450,000) |
|
Gross Profit |
550,000 |
|
Profit on sale of Equipment |
2,000 |
|
Rent |
42,000 |
|
Salary |
400,000 |
|
Interest |
12,000 |
|
Depreciation Expense – Buildings |
13,000 |
|
Depreciation Expense – Equipment |
15,000 |
|
(482,000) |
||
Net Profit before Tax |
70,000 |
|
Less Taxation expense |
(21,000) |
|
Net Profit |
49,000 |
Required:
Prepare an extract of the Cash Flow Statement for the year ended 30 June 2020 showing Cash Flows from Operating Activities AND Cash Flows from Financing Activities. Show all workings.