The following is the income statement for the year 2021 and the comparative financial position statement...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following is the income statement for the year 2021 and the comparative financial position statement for the years 2020 and 2021 for Al-Madina Food Production Company: Income statement on 31/12/2021 125000 Sales (75000) Cost of sales 50000 Gross profit (28000) Administrative and operational expenses (including 7000 depreciation expenses) 22000 operating income 2500 + Profits from selling the machine (3500) -Benefit 21000 Income before tax (5250) -tax (25%) 15750 net income after tax Statement of financial position the change 2020 2021 Assets 10000+ 12000 22000 cash 4000+ 18000 22000 accounts receivable 5000- 35000 30000 goods 1000+ 500 1500 prepaid interest 10000+ 65500 75500 Total current assets Non-current assets 12000- 25000 13000 Investments in the affiliate company 15000+ 25000 40000 fixed assets (machines) 3000+ (7000) (10000) Introduces the machine depreciation complex 12000+ 18000 30000 The net book value of the machine 10000+ 108500 118500 total assets Obligations and Equity current obligations 1000+ 37500 38500 Accounts Payable 2000- 8000 6000 Income tax payable 1000- 45500 44500 Total current liabilities Non-current obligations 7000- 13000 6000 bank loan Property rights 10000+ 40000 50000 The capital is ordinary shares 8000+ 10000 18000 Retained earnings 18000+ 50000 68000 Total Equity 10000+ 108500 118500 Total liabilities and property rights Some additional information about the company: There is a machine whose historical cost is 6,500 riyals, and its book value is 3,500 riyals, which was sold for 6000 riyals during 2021, machines were purchased during 2021 with 22500 riyals paid from Its value is 10,500 riyals in cash, and the rest is paid 12000 riyals through the company's assignment of Part of its investments in the affiliated company (S) amounted to cash dividends in 2021 For shareholders 7750 riyals Required: Direct cash flow statement numbers? The following is the income statement for the year 2021 and the comparative financial position statement for the years 2020 and 2021 for Al-Madina Food Production Company: Income statement on 31/12/2021 125000 Sales (75000) Cost of sales 50000 Gross profit (28000) Administrative and operational expenses (including 7000 depreciation expenses) 22000 operating income 2500 + Profits from selling the machine (3500) -Benefit 21000 Income before tax (5250) -tax (25%) 15750 net income after tax Statement of financial position the change 2020 2021 Assets 10000+ 12000 22000 cash 4000+ 18000 22000 accounts receivable 5000- 35000 30000 goods 1000+ 500 1500 prepaid interest 10000+ 65500 75500 Total current assets Non-current assets 12000- 25000 13000 Investments in the affiliate company 15000+ 25000 40000 fixed assets (machines) 3000+ (7000) (10000) Introduces the machine depreciation complex 12000+ 18000 30000 The net book value of the machine 10000+ 108500 118500 total assets Obligations and Equity current obligations 1000+ 37500 38500 Accounts Payable 2000- 8000 6000 Income tax payable 1000- 45500 44500 Total current liabilities Non-current obligations 7000- 13000 6000 bank loan Property rights 10000+ 40000 50000 The capital is ordinary shares 8000+ 10000 18000 Retained earnings 18000+ 50000 68000 Total Equity 10000+ 108500 118500 Total liabilities and property rights Some additional information about the company: There is a machine whose historical cost is 6,500 riyals, and its book value is 3,500 riyals, which was sold for 6000 riyals during 2021, machines were purchased during 2021 with 22500 riyals paid from Its value is 10,500 riyals in cash, and the rest is paid 12000 riyals through the company's assignment of Part of its investments in the affiliated company (S) amounted to cash dividends in 2021 For shareholders 7750 riyals Required: Direct cash flow statement numbers?
Expert Answer:
Answer rating: 100% (QA)
Answer Cash flow statement for the year ended 2021 direct method in Riyals Cash flow from operating ... View the full answer
Related Book For
Financial Accounting for Decision Makers
ISBN: 978-0273763451
6th Edition
Authors: Peter Atrill, Eddie McLaney
Posted Date:
Students also viewed these accounting questions
-
The following is the income statement for Nikov and Co. for the year ended 31 December 2009, along with information relating to the preceding year. Required: Analyse the performance of the business...
-
The following is the income statement from Ajax Corporation, a merchandising firm. You learn that $18,000 in transport in represents fixed costs, and Ajax pays its sales persons a commission of 6%....
-
The following is the income statement for Nikov and Co. for the year ended 31 December 2014, along with information relating to the preceding year. Income statement for the year ended 31 December...
-
What type of isomers are exhibited by [Fe(en) 3 ]Cl 2 (en = ethane-1,2-diamine)? no isomers are possible. cis and trans isomers fac and mer isomers optical isomers
-
Auditing standards require the auditor to gather sufficient appropriate evidence to ensure that the auditor has a reasonable basis for an opinion regarding the financial statements. What are the...
-
How would you explain to a casual observer why high-yield bond returns are more correlated to common stock returns than to investment-grade bond returns?
-
A patient was admitted to the hospital for an outpatient surgical procedure. Discharge was on the same day, and recovery continued at home. This is an example of what type of health care? A. Primary....
-
On January 1, 2011, VKI Corporation awarded 12 million of its $1 par common shares to key personnel, subject to forfeiture if employment is terminated within three years. On the grant date, the...
-
Indicate how you would ensure that a level of quality expected in a project is met when the project is completed? In other words, how can you "manage" quality? Answer this by considering the...
-
Effective financial statement analysis requires an understanding of a firms economic characteristics. The relations between various financial statement items provide evidence of many of these...
-
What is the population standard deviation of the data set? What is the third quartile of the data set? {65, 95, 9, 56, 6, 148, 87, 67, 786, 71, 761}
-
Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, Identifying them by letter. Work in process...
-
Calculate the amount of sod in square yards that is needed for the irregular area shown. Recalculate the amount of sod for the illustration shown if the dimensions are meters instead of feet. Answer...
-
Use the following data to find the direct labor efficiency variance if the company produced 3 , 5 0 0 units during the period. Direct labor standard ( 4 hours @ $ 7 . 0 0 / hour ) $ 2 8 . 0 0 per...
-
Develop an algorithm using the Java programming language that implements a basic stack data structure. Your stack must have the ability to push entries on the stack. Your stack must also have the...
-
Johnny who worked in England came to Canada with his wife Betty on holiday. He later returned to England alone, Betty remaining in Canada for health reasons. Johnny promised to pay Betty $5,000 per...
-
In this problem, you will analyze the robustness of a controller for the linearized magnetic levitator shown below. The plant transfer function below was derived in the first midterm. To control the...
-
(8%) Problem 6: A student attaches a f= 3.5 kHz oscillator to one end of a metal rail of length L = 25 m. The student turns on the oscillator and uses a piezoelectric gauge at the other end to...
-
Including a VAS as part of the annual financial reports will undermine their credibility. What might be the basis for such criticism and do you think that it is valid?
-
How will each of the following events ultimately affect the amount of cash? (a) An increase in the level of inventories (b) A rights issue of ordinary shares (c) A bonus issue of ordinary shares (d)...
-
Searching for an agreed framework of principles for accounting rules is likely to be a journey without an ending. Discuss.
-
Veering off the mission is one of the key challenges in the boardroom. Why is mission focus so essential to an organization?
-
How do you convince a new member to go through orientation if he has already served on numerous boards and feels he understands what board service is all about?
-
List specific examples of a board not meeting the duties of care, loyalty, and obedience.
Study smarter with the SolutionInn App