Question
In: Accounting
0 June 2017 30 June 2018 Cash 20,000 91,000 Accounts receivable 65,000 90,000 Inventories 58,000 62,000...
|
0 June 2017 |
30 June 2018 |
|
|
Cash |
20,000 |
91,000 |
|
Accounts receivable |
65,000 |
90,000 |
|
Inventories |
58,000 |
62,000 |
|
Prepayments |
10,000 |
12,000 |
|
Land |
80,000 |
90,000 |
|
Equipment |
280,000 |
320,000 |
|
Accumulated depreciation |
(60,000) |
(92,000) |
|
453,000 |
573,000 |
|
|
Accounts payable |
45,000 |
48,000 |
|
Loans |
160,000 |
200,000 |
|
Share capital |
200,000 |
230,000 |
|
Retained earnings |
48,000 |
95,000 |
|
453,000 |
573,000 |
Additional information
- There were no disposals of land or equipment during the year.
- A $30,000 loan was settled through the issue of ordinary shares. There were no other repayments of loans.
- Profit for the year was $120,000, interest expense was $14,000, and income tax expense was $41,000. There were no items of other comprehensive income.
- A $73,000 dividend was paid during the year.
- Sales revenue for the year was $300,000. There was no other revenue.
Required
Use the indirect method of presenting cash flows from operating activities and prepare a statement of cash flows in accordance with AASB 107/IAS 7 for the year ended 30 June 2018.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
The following data is given: December 31, 2018 2017 Cash $66,500 $49,500 Accounts receivable (net) 90,000...
The following data is given:
December 31, 2018 2017
Cash $66,500 $49,500
Accounts receivable (net) 90,000 59,000
Inventories 90,000 105,000
Plant assets (net) 382,500 324,000
Accounts payable 55,500 39,500
Salaries and wages payable 12,000 5,500
Bonds payable 68,500 72,000 8%
Preferred stock, $40 par 100,000 100,000
Common stock, $10 par 120,000 90,000
Paid-in capital in excess of par 75,000 70,000
Retained earnings 198,000 160,500
Net credit sales 995,000
Cost of goods sold 740,000
Net income 82,000
Compute the following ratios:...
At 1st July 2017 a company's allowance for receivable was $48,000. At 30 June 2018, trade...
At 1st July 2017 a company's allowance for receivable was
$48,000.
At 30 June 2018, trade receivable amounted to $838,000. It was
decided to write off $72,000 of these debts and adjust the
allowance for receivables to $60,000.
What are the final amount of Receivable net of allowance
for inclusion in the company's Statement of Financial position at
30 June 2018?
On June 30, 2018, the High Five Surfboard Company had outstanding accounts receivable of $750,000. On...
On June 30, 2018, the High Five Surfboard Company had
outstanding accounts receivable of $750,000. On July 1, 2018, the
company borrowed $600,000 from the Equitable Finance Corporation
and signed a promissory note. Interest at 10% is payable monthly.
The company assigned specific receivables totaling $750,000 as
collateral for the loan. Equitable Finance charges a finance fee
equal to 1.8% of the accounts receivable assigned. Required:
Prepare the journal entry to record the borrowing on the books of
High Five...
You have $60,000 in cash, $40,000 in accounts receivable, $100,000 in inventory, $65,000 in accounts payable,...
You
have $60,000 in cash, $40,000 in accounts receivable, $100,000 in
inventory, $65,000 in accounts payable, $25,000 in accrued expenses
on 12/31/2017. What was your net working capital balance on this
date?
Balance Sheets Assets 2019 2018 Cash and equivalents $100 $85 Accounts receivable 275 300 Inventories 375 ...
Balance Sheets
Assets
2019
2018
Cash and equivalents
$100
$85
Accounts receivable
275
300
Inventories
375
250
Total current assets
$750
$635
Net plant and equipment
2,300
1,490
Total assets
$3,050
$2,125
Liabilities and Equity
Accounts payable
$150
$85
Accruals
75
50
Notes payable
150
75
Total current
liabilities
$375
$210
Long-term debt
450
290
Total liabilities
825
500
Common stock
1,225
1,225
Retained earnings
1,000
400
Common equity
2,225
1,625
Total liabilities and equity
$3,050
$2,125
Income Statements
2019...
2017 2018 Accounts payable 800 740 Accounts receivable, net 1,850 2,150 Accruals 70 160 Cash ???...
2017
2018
Accounts payable
800
740
Accounts receivable, net
1,850
2,150
Accruals
70
160
Cash
???
???
Capital surplus
1,250
1,360
Common stock
1,020
1,210
Cost of goods sold
7,340
7,580
Depreciation expense
1,610
1,720
Interest expense
220
190
Inventory (end of year)
5,360
5,240
Long-term debt
6,310
6,450
Net fixed assets
8,240
9,120
Net sales
12,850
13,950
Notes payable
840
750
Operating expenses (excluding depreciation)
2,240
2,430
Retained earnings
8,300
8,460
Taxes
340
450
This company’s operating profit margin...
(Cash conversion cycle) Historical data for the firm's sales, accounts receivable, inventories, and accounts payable for...
(Cash conversion cycle) Historical data for the firm's sales,
accounts receivable, inventories, and accounts payable for the
Crimson Mfg. Company follow:
a. Calculate Crimson's days of sales outstanding, days of
payables outstanding, and days of sales in inventory for each of
the 5 years. (Assume a 365-day year. Hint: Assume that the
firm's cost of goods sold equals 70% of sales.) What has Crimson
accomplished in its atempts to better manage its investments in
account receivable and inventory?
b. Calculate...
Cash conversion cycle) Historical data for the firm's sales, accounts receivable, inventories, and accounts payable for...
Cash conversion cycle) Historical data for the firm's sales,
accounts receivable, inventories, and accounts payable for the
Crimson Mfg. Company follow: LOADING.... a. Calculate Crimson's
days of sales outstanding, days of payables outstanding, and days
of sales in inventory for each of the 5 years. (Assume a 365-day
year. Hint: Assume that the firm's cost of goods sold equals 70%
of sales.) What has Crimson accomplished in its atempts to better
manage its investments in account receivable and inventory? b....
(Cash conversion cycle) Historical data for the firm's sales, accounts receivable, inventories, and accounts payable for...
(Cash conversion cycle) Historical data for the firm's sales,
accounts receivable, inventories, and accounts payable for the
Crimson Mfg. Company follows:
2014 2015 2016
2017 2018
Sales 4,346 5,220
7,947 11,699 18,461
Receivables 602 811
1,086 1,368 2,268
Acounts payable 443 683
682 1,554 2,409
Inventories 341 456
655 378 354
a. Calculate Crimson's days of sales outstanding, days of
payables outstanding, and days of sales in inventory for each of
the 5 years. (Assume a 365-day year. Hint:...
Below are the financial statements of ABC Company 2018 2017 cash 120,000 44,000 accounts receivable 100,000...
Below are the financial statements of ABC Company
2018
2017
cash
120,000
44,000
accounts receivable
100,000
90,000
inventory
220,000
242,000
equipment
220,000
120,000
a/d equipment
80,000
60,000
land
820,000
1,020,000
total assets
1,340,000
1,396,000
accts payable
220,000
180,000
common stock
220,000
200,000
r/e
900,000
1,016,000
Income statement
sales
420,000
cogs
180,000
oper
expenses
80,000
depreciation exp
40,000
loss on
sale land
100,000
income
100,000
Further information
a) ABC
sold some stock during the year
b) ABC
only had 1 transaction...
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