Comparative information as at 30 June 2023 and 30 June 2024 for Declare Ltd is as...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Comparative information as at 30 June 2023 and 30 June 2024 for Declare Ltd is as follows. Comparative Assets Cash at bank Accounts receivable Inventory Land Buildings Accumulated depreciation - buildings Plant and equipment Accumulated depreciation plant and equipment Liabilities and equity Accounts payable Interest payable Other expenses payable Mortgage loan payable. Share capital Retained earnings DECLARE LTD statements of financial position as at 30 June 2023 62,000 76,000 124,000 62,500 137,500 (85,000) 40,000 (5,000) 412,000 60,500 750 8,750 45,000 125,000 172,000 412,000 2024 43,000 84,500 113,500 25,000 265,000 (100,000) 40,000 (10,000) 461,000 67,000 250 3,000 66,250 125,000 199,500 461,000 Additional information 1. Gross profit for the year ended 30 June 2024 was $160,500 and consisted of the following. Sales 443,500 283,000 Cost of sales 2. Purchases of inventory for the year were $272,500. 3. All purchases and sales of inventories were on credit. 4. Profit for the year ended 30 June 2024 was $31,250, after deducting expenses of $129,250 from the gross profit figure. 5. Expenses of $129,250 include depreciation on buildings, and on plant and equipment, a loss on sale of land, and $5,000 in interest expense. During the year ended 30 June 2024, cash dividends were paid. 6. 7. Building extensions were paid for during the year, and a block of land, costing $37,500, was sold for $31,250 cash. 8. No plant was purchased or sold during the year. Required (a) Prepare the Statement of Cash Flows for Declare Ltd for the year ended 30 June 2024 using the direct method. Please follow the below instructions when completing the cash flow statement below: . Please include commas in your amounts to separate thousands in your amounts (do not include spaces or dollar signs) • Show minus figures in brackets (), e.g. (145,000) b) Complete T-Accounts to show your working for the preparation of Statement of cash flows for Declare Ltd. Comparative information as at 30 June 2023 and 30 June 2024 for Declare Ltd is as follows. Comparative Assets Cash at bank Accounts receivable Inventory Land Buildings Accumulated depreciation - buildings Plant and equipment Accumulated depreciation plant and equipment Liabilities and equity Accounts payable Interest payable Other expenses payable Mortgage loan payable. Share capital Retained earnings DECLARE LTD statements of financial position as at 30 June 2023 62,000 76,000 124,000 62,500 137,500 (85,000) 40,000 (5,000) 412,000 60,500 750 8,750 45,000 125,000 172,000 412,000 2024 43,000 84,500 113,500 25,000 265,000 (100,000) 40,000 (10,000) 461,000 67,000 250 3,000 66,250 125,000 199,500 461,000 Additional information 1. Gross profit for the year ended 30 June 2024 was $160,500 and consisted of the following. Sales 443,500 283,000 Cost of sales 2. Purchases of inventory for the year were $272,500. 3. All purchases and sales of inventories were on credit. 4. Profit for the year ended 30 June 2024 was $31,250, after deducting expenses of $129,250 from the gross profit figure. 5. Expenses of $129,250 include depreciation on buildings, and on plant and equipment, a loss on sale of land, and $5,000 in interest expense. During the year ended 30 June 2024, cash dividends were paid. 6. 7. Building extensions were paid for during the year, and a block of land, costing $37,500, was sold for $31,250 cash. 8. No plant was purchased or sold during the year. Required (a) Prepare the Statement of Cash Flows for Declare Ltd for the year ended 30 June 2024 using the direct method. Please follow the below instructions when completing the cash flow statement below: . Please include commas in your amounts to separate thousands in your amounts (do not include spaces or dollar signs) • Show minus figures in brackets (), e.g. (145,000) b) Complete T-Accounts to show your working for the preparation of Statement of cash flows for Declare Ltd.
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
A Manufacturing company is considering expanding its production capacity to meet a growing demand for its product line of air fresheners. The alternatives are to build a new plant, expand the old...
-
The Comparative Balance Sheet of Wilson Ltd as at 30 June 2023 and 2024 are presented below, together with the Income Statement for the Year Ended 30 June 2024. Additional information for the...
-
On January 1, 2011, Devco acquired cum div. all the shares of Brooke, at which date the equity and liability sections of Brookes statement of financial position showed the following balances: Share...
-
In a task assignment situation, in how many different ways can five jobs be assigned to five machines if each job must be assigned to each machine and each machine must be assigned one job? Multiple...
-
Find the number of natural transverse vibrations of a right angled parallelepiped of volume V in the frequency interval from w to w + dw if the propagation velocity of vibrations is equal to v.
-
A question posted on the Lycos website asked visitors to the site to say whether they thought businesses should be required to pay for their employees health insurance. Data from Section 3.6- 3.7...
-
Journalize the following transactions for Antique Furniture, Inc., that occurred during the month of January. Jan 3 Purchased $5,700 of merchandise on account, terms 1/10, n/30, FOB shipping point....
-
Explain why such forecasting devices as moving averages, weighted moving averages, and exponential smoothing are not well suited for data series that have trends.
-
Question 3 The following table contains information on spot and forward exchange rates among U.S. dollar (USD), Malaysian ringgit (MYR), Japanese yen (JPY), Euro (EUR), and Canadian dollar (CAD)....
-
The XYZ Manufacturing Company produces two products, S-101 and C-110. You have obtained the following information regarding the annual manufacturing support (i.e., factory overhead) costs associated...
-
A portfolio has 2 assets. There are 3 possible future states of the economy. The returns for each asset and the market under each state are the following: R1s: -5; 5; 18 R2s: 6; -6; 12 Rms: -4; 2; 14...
-
Chevron Corp is expected to be $109 next year and the expected dividend at the end of next year is $0,85. If the company required return on equity is 12.3%, then what is the value of Chevron Corp's...
-
1. Solve each triangle (i.e. find all the missing lengths and angles). [Ans: a) ZA = 52, a = 15.4 cm, b = 19.5 cm, b) J = 70, LL = 20, k = 13.1 cm ] a) A 12 cm 38 B C b) 12.3 cm K 4.4 cm J 2. Dmitri...
-
There is currently a highly competitive labour market for clerical workers in Edinburgh with no union representation. They are considering voting to have a union represent them in negotiations with...
-
You have $1,000 invested into a portfolio that consists of three stocks. You invested $200 in Stock A, which has a beta of 1.2. You invested $500 in stock B, which has a beta of 0.9. You invested the...
-
In the last few months, your agency has undergone a re-organization. You are the computer network administrator and have been working very hard to reconfigure everyones computers. You have been...
-
Write an essay that describes the use of social media for the prevention of crime and crime control. Reading and Research: Read the Chapter, Visit the International Association of Chief of Police...
-
For each of the following transactions, indicate whether it increases, decreases, or has no effect on the following financial ratios: current ratio, debt-to-equity ratio, profit margin ratio, and...
-
Refer to the situation described in BE 512. How much will accumulate in three years by depositing $500 at the beginning of each of the next 12 quarters? Data from in BE 5-12 You would like to...
-
The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2024. The company buys debt securities, not intending to profit from short-term...
-
You are saving for a new boat. You place $25,000 in an investment account today that earns 6% compounded annually. How much will be in the account after (a) Three years, (b) Four years, or (c) Five...
-
A four-volume work is on a shelf in random order. What is the probabilty that the volumes stand in the proper order from left to right or from right to left?
-
There are \(M\) defective items in a lot consisting of \(N\) items. From this lot we select \(n(n
-
The numbers \(1,2,3,4,5\) are written on five cards. Three cards are drawn in succession and at random from the deck; the resulting digits are written from left to right. What is the probability that...
Study smarter with the SolutionInn App