Brazillian Jewellers produced the following financial statements up to December 31, 2020: Statements of financial position...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Brazillian Jewellers produced the following financial statements up to December 31, 2020: Statements of financial position for 2019 and 2020: 2019 2020 Non-current assets 165,000 52,500 Goodwill Building Equipment 375,000 (28,500) 346,500 412,500 (37,000) 375,500 315,000 (22,500) 292,500 435,000 (52,500) 382,500 Long term investments 171.000 87,300 975,000 897,800 Current assets Stock 48,000 37,500 Short term investment 22,500 37,500 Debtors 18,000 24,000 Bank 15,000 Cash 18.000 121.500 9.000 108.000 1.096.500 1,005,800 472,500 278,000 Equity Share capital Share premium General reserves Retained earnings 22,500 22,500 55,500 70,500 181.500 732,000 385.500 756,500 Non-current liability 10% Loan 303,000 142,800 Current liabilities Creditors 25,500 33,000 Bank overdraft 7,500 21,000 28,500 Tax payable Dividends 15,000 61,500 37,500 106,500 1.096.500 1,005,800 Condensed income statement for 2020: 1,425,000 Sales Gross profit Profit before tax 825,000 487,500 (217,500) Tax Profit after tax Dividends 270,000 (51,000) (15.000) Transfer to reserves Profit for the year 204,000 Retained earnings b/d 181,500 Retained earnings c/d 385.500 Additional notes: During the year, equipment costing $52,500 with a book value of $42,000 was sold at a loss of $7,500. REQUIRED: Using the information provided, prepare Brazillian Jewellers' cash flow statement for the period. Brazillian Jewellers produced the following financial statements up to December 31, 2020: Statements of financial position for 2019 and 2020: 2019 2020 Non-current assets 165,000 52,500 Goodwill Building Equipment 375,000 (28,500) 346,500 412,500 (37,000) 375,500 315,000 (22,500) 292,500 435,000 (52,500) 382,500 Long term investments 171.000 87,300 975,000 897,800 Current assets Stock 48,000 37,500 Short term investment 22,500 37,500 Debtors 18,000 24,000 Bank 15,000 Cash 18.000 121.500 9.000 108.000 1.096.500 1,005,800 472,500 278,000 Equity Share capital Share premium General reserves Retained earnings 22,500 22,500 55,500 70,500 181.500 732,000 385.500 756,500 Non-current liability 10% Loan 303,000 142,800 Current liabilities Creditors 25,500 33,000 Bank overdraft 7,500 21,000 28,500 Tax payable Dividends 15,000 61,500 37,500 106,500 1.096.500 1,005,800 Condensed income statement for 2020: 1,425,000 Sales Gross profit Profit before tax 825,000 487,500 (217,500) Tax Profit after tax Dividends 270,000 (51,000) (15.000) Transfer to reserves Profit for the year 204,000 Retained earnings b/d 181,500 Retained earnings c/d 385.500 Additional notes: During the year, equipment costing $52,500 with a book value of $42,000 was sold at a loss of $7,500. REQUIRED: Using the information provided, prepare Brazillian Jewellers' cash flow statement for the period.
Expert Answer:
Answer rating: 100% (QA)
Brazillian Jewellers Statement of Cash Flows Indirect method For the Year Ended December 31 2020 Cas... View the full answer
Related Book For
Intermediate Accounting Volume 1
ISBN: 978-1119496496
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
Posted Date:
Students also viewed these accounting questions
-
A 20-year maturity bond with par value of $1,000 makes annual coupon payments at a coupon rate of 6%. Find the bond equivalent and effective annual yield to maturity of the bond for the following...
-
The paid-up capital of Mukund Ltd. is Rs 18,00,000. The company decided to propose a dividend of Rs 2, 16, 000 out of current profit. How much of current profit is to be transferred to reserve?
-
The FASB Codification requires the following financial statements for all not-for-profit organizations: A) Statement of financial position, statement of activities, and statement of cash flows. B)...
-
Returning to the data set canadaemplmntdata from Problem 17.4, get a line chart of Accommodation jobs by subsetting by VECTOR = v81682. Problem 17.4 The file canadaemplmntdata contains quarterly...
-
Determine whether employer contributions to employees health and accident plans create gross income for the employee. Give the answer, and describe the process used to nd it, including the tax...
-
Solve the equation. Check your answers. 2x - 4 + 2 = 3x + 4
-
How does art express boundaries between the cultural in-group and the cultural "other?"
-
Financial data for Bridger, Inc., for last year are as follows: The company paid dividends of $197,000 last year. The "Investment in Brier Company" on the balance sheet represents an investment in...
-
A standard adult volleyball net has a height of 7 feet 4 1/8 inches which is shown as h in the sketch. The top of this net is supported by two ropes OA and OB with the dimensions shown. Find: Find...
-
Dorothy is considering a new part-time business venture where she would monogram linens and other items. To do this, she would need to upgrade her current sewing machine. Here is what she quickly...
-
A company views accounts payable as interest free financing and therefore stretches its payments as far as it can, what is the risk of this approach?
-
If there are 400 vacant units on the market, of which you own 40, what is your anticipated capture rate? (Assume no other units come available within this time frame.)
-
Charlotte, a single taxpayer, operates a restaurant as a sole proprietor. In 2022, her business generates income of $160,000, and incurs expenses of $50,000, and $4,000 of qualified dividend income....
-
Tom wants to make a gift of $100,000 cash to his granddaughter Jenny. Tom has $500,000 of exemption remaining. The maximum federal estate tax rate at the time of transfer is 40%. After the automatic...
-
Diana and Charles are MFJ in 2022. Their taxable income before QBI deduction is $500,000, and they have $400,000 in QBI from the restaurant they own. They paid their five employees $220,000 in W-2...
-
Suppose you are buying tires for Tesla from a supply base of approximately 5 suppliers. The contracts are spot contracts with these suppliers so prices may go up or down over time. During October...
-
1. An axle weight study on a section of a highway gave the following data on axle-load distribution: Axle Load Group: Single (1000 lb) <4 4-8 8-12 12-16 16-18 18-20 20-22 22-24 24-26 No. of Axles per...
-
During registration at Tech every quarter, students in the Department of Management must have their courses approved by the departmental advisor. It takes the advisor an average of 4 minutes...
-
Bruno Corp. has decided to expand its operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for expansion: Bruno Corp....
-
Access the annual report for British Airways Plc (BA) for the year ended December 31, 2017, from its parent companys website (www.iagshares.com). British Airways is now a part of the International...
-
The following amortization schedule is for Flagg Ltd.?s investment in Spangler Corp.?s $100,000, five-year bonds with a 7% interest rate and a 5% yield, which were purchased on December 31, 2019, for...
-
A political pollster approaches people on the street and asks them to describe their political affiliation. Twenty-eight people describe themselves as Democrats, 25 as Republicans, 8 people provide a...
-
Listed below are a number of hypothetical research hypotheses. For each hypothesis, identify the independent and dependent variable. a. Male drivers are more likely to exhibit road rage behaviors...
-
Listed below are a number of research questions and hypotheses from actual published articles. For each hypothesis, identify the independent and dependent variable. a. The use of color in a Yellow...
Study smarter with the SolutionInn App