The comparative statements of financial position for the years 2021 and 2022 and a summarised income...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The comparative statements of financial position for the years 2021 and 2022 and a summarised income statement for the year ended 30 June 2022 are shown below (Ignore GST and Tax): BRIGHTON BEACH LTD Comparative Statements of Financial Position as at 30 June Assets Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation. equipment Land Motor vehicles Accumulated depreciation - motor vehicles Total assets Liabilities Bank overdraft Accounts payable Long-term mortgage Total liabilities Net assets Equity Share capital Retained earnings Total equity 2021 (S'000) 100 4 290 6 000 300 19 200 (6 000) 20 400 14 550 (5 490) 53 350 400 6 150 14 100 20 650 32 700 26 700 6 000 32 700 2022(S'000) 700 3 150 6 600 360 25 500 (7 500) 24 000 15 600 (6 300) 62 110 160 7950 18 900 27 010 35 100 26 700 8 400 35 100 BRIGHTON BEACH LTD Income Statement for the year ended 30 June 2022 ($'000) Sales (on credit) Less: Cost of goods sold Gross profit Less: expenses (including depreciation) Profit 16 800 5 100 11 700 8 610 3 090 Additional information: Insurance expense for the year ended 30 June 2022 is nil. All other expenses were paid in cash (excluding depreciation). The company declared and paid cash dividend. The bank overdraft was considered to be part of the entity's everyday cash management activities. Required: Prepare a statement of cash flows using the direct method for the year ended 30 June 2022 (show all workings). The comparative statements of financial position for the years 2021 and 2022 and a summarised income statement for the year ended 30 June 2022 are shown below (Ignore GST and Tax): BRIGHTON BEACH LTD Comparative Statements of Financial Position as at 30 June Assets Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation. equipment Land Motor vehicles Accumulated depreciation - motor vehicles Total assets Liabilities Bank overdraft Accounts payable Long-term mortgage Total liabilities Net assets Equity Share capital Retained earnings Total equity 2021 (S'000) 100 4 290 6 000 300 19 200 (6 000) 20 400 14 550 (5 490) 53 350 400 6 150 14 100 20 650 32 700 26 700 6 000 32 700 2022(S'000) 700 3 150 6 600 360 25 500 (7 500) 24 000 15 600 (6 300) 62 110 160 7950 18 900 27 010 35 100 26 700 8 400 35 100 BRIGHTON BEACH LTD Income Statement for the year ended 30 June 2022 ($'000) Sales (on credit) Less: Cost of goods sold Gross profit Less: expenses (including depreciation) Profit 16 800 5 100 11 700 8 610 3 090 Additional information: Insurance expense for the year ended 30 June 2022 is nil. All other expenses were paid in cash (excluding depreciation). The company declared and paid cash dividend. The bank overdraft was considered to be part of the entity's everyday cash management activities. Required: Prepare a statement of cash flows using the direct method for the year ended 30 June 2022 (show all workings).
Expert Answer:
Answer rating: 100% (QA)
To prepare the statement of cash flows using the direct method we need to analyze the changes in the companys accounts from the beginning of the year to the end Here are the steps to follow Statement ... View the full answer
Related Book For
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
Posted Date:
Students also viewed these mathematics questions
-
The comparative statements of financial position for Ramirez Company as of December 31 are presented on the shown below. Additional information: 1. Operating expenses include depreciation expense of...
-
The comparative statements of financial position for Amaral Reis Company SA as of December 31 are presented as follows. Additional information: 1. Operating expenses include depreciation expense of...
-
Below are the comparative statements of financial position for Lowenstein Corporation. Dividends in the amount of $10,000 were declared and paid in 2019. Instructions From this information, prepare a...
-
A 0.20-m-diameter, thin-walled steel pipe is used to transport saturated steam at a pressure of 20 bars in a room for which the air temperature is 25C and the convection heat transfer coefficient at...
-
Use the All Wired data from Problem 14-31B. Requirements 1. Prepare the 2012 statement of cash flows by the direct method. 2. How will what you learned in this problem help you evaluate an investment?
-
In Problems 1-3, use theorem B to calculate the flux of F across G? 1. F(x, y, z) = - yi + xj; G is the part of the plane z = 8x - 4y - 5 above the triangle with vertices (0, 0, 0), (0, 1, 0), and...
-
Convert \(\frac{48}{30}\) into decimal form.
-
Sherry Hopson owns a retail family clothing store. Her store is located at 4321 Circle Drive, Houston, TX 77001. Her employer identification number is 95-1234321 and her Social Security number is...
-
hello can you help me with this finance question?. You want to buy a security that pays you $3,400 every quarterly for 5 years. The first payment occurs 3 years and 1 quarters from today. Assuming a...
-
Assume it is Monday, May 1, 2020, the first business day of the month, and you have just been hired as the accountant for Alpine Company, which operates with monthly accounting periods. All of the...
-
2. Translate the following C program to ARM v8 Assembly: long long int a; void main() { } int i; a=0; for (i=0;i <100; i++) { } a = a+i;
-
Which of the following is true for Dell, the computer company? a. Most of Dell's costs are for direct materials and direct labor. Indirect costs are a small proportion of total costs. b. Dell uses...
-
The White Flour Company mills wheat into flour. The equivalent units are measured in terms of tons of flour produced. At the beginning of the year, the mill contained 20 tons of flour that was 30...
-
Compare the full absorption and variable incomes when finished goods inventory increases and when it decreases.
-
Dana Helton is considering expanding her business. She plans to hire a salesperson to cover trade show's. Because of compensation, travel expenses, and booth rental, fixed costs for a trade show are...
-
Martha Trent is trying to prepare a personal budget and has identified the following list of monthly costs. Identify each cost as fixed, variable, or mixed. Indicate a possible cost driver for any...
-
How to improve negative correlation between self service check out and average customer score and customers requiring assistance in brief points
-
You are a U.S. investor who purchased British securities for 2,000 one year ago when the British pound cost U.S. $1.50. What is your total return (based on U.S. dollars) if the value of the...
-
On 1 July 2015, McGregor and Roberts decided to amalgamate their businesses and to share profits equally. Financial information at that date was: McGregor Roberts Capital Accounts payable Bank...
-
Pringles Ltd is a large department store that has used the straight-line depreciation method since the company was first formed. For the year ended 30 June 2015, the company made a record profit and...
-
Zhang Ltd acquired the business of Azzam Ltd for a cash outlay of $5 000000 on 1 July 2016. The summarised balance sheet of Azzam Ltd on that date was as follows: AZZAM LTD Summarised Balance Sheet...
-
What is money laundering? How do you catch it?
-
List the things that should not be done in a fraud investigation.
-
What is the most common response to the discovery of fraud by an organization? How often does an organization report a fraud to a law enforcement agency?
Study smarter with the SolutionInn App