In: Accounting
Prepare the cash flow statement (according to IFRS standards) for Stonechat plc for the year ended 31December Year 7. Stonechat plc’s income statement for the year ended 31 December Year 7 and thebalance sheet as at 31 December Year 6 and Year 7 are as follows. (12 points)
Income statement for the year ended 31 December Year 7
€m |
|
Revenue |
623 |
Cost of sales |
(353) |
Gross profit |
270 |
Distribution expenses |
(71) |
Administrative expenses |
(30) |
Rental income |
27 |
Operating profit |
196 |
Interest payable |
(26) |
Profit before taxation |
170 |
Taxation |
(36) |
Profit for the year |
134 |
Balance sheets as at 31 December Year 6 and Year 7
Year 6 |
Year 7 |
|
ASSETS |
€m |
€m |
Non-current assets |
||
Property, plant and equipment |
||
Land and buildings |
310 |
310 |
Plant and machinery |
325 |
314 |
635 |
624 |
|
Current assets |
||
Inventories |
41 |
35 |
Trade receivables |
139 |
145 |
180 |
180 |
|
Total assets |
815 |
804 |
EQUITY AND LIABILITIES |
||
Equity |
||
Share capital |
200 |
300 |
Share premium |
40 |
– |
Reserves – retained earnings |
192 |
206 |
432 |
506 |
|
Non-current liabilities |
||
Borrowings – loan notes |
250 |
150 |
Current liabilities |
||
Borrowings (all bank overdraft) |
56 |
89 |
Trade payables |
54 |
41 |
Taxation |
23 |
18 |
133 |
148 |
|
Total equity and liabilities |
815 |
804 |