KANE CO. INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2019 AND THE STATEMENT OF FINANCIAL...

 

   

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KANE CO. INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2019 AND THE STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018 AND 2019 WERE: Sale Ghe000 Ghe000 720 Raw materials consumed 70 Staff Costs 94 Depreciation 118 Loss on disposal of non-current assets 18 300 Operating profit 420 Interest payable 28 Profit before tax 392 Taxation 124 Profit for the year 268 KANE CO. STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER Non-current assets; Cost Depreciation 2019 Ghe000 2018 Ghe'000 1,596 1,596 (318) (224) 1.278 1,336 Current Assets: Inventory Trade Receivables 22 24 20 76 58 Bank 48 56 148 134 Total Assets 1,426 1,470 Equity and Liability: Equity; Share capital Income Surplus 396 364 716 514 1.112 878 Non-current liabilities: Long term loans 200 500 Current Liabilities: Trade Payables Taxation Total Equity and Liabilities 12 6 102 86 1.426 1,470 Dividend paid were Ghc66,000 During the year the company paid Ghc90,000 for new piece of machinery Required: Prepare the statement of cash flows for Kane Co. for the year ended 31 December 2019 in accordance with the requirement for IAS 7 using the indirect method under the following headings a) Cash flows from operating Activities b) Cash flows from Investing Activities c) Cash flows from financing Activities) (AN:9) (AN:8) (EV:8) KANE CO. INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2019 AND THE STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018 AND 2019 WERE: Sale Ghe000 Ghe000 720 Raw materials consumed 70 Staff Costs 94 Depreciation 118 Loss on disposal of non-current assets 18 300 Operating profit 420 Interest payable 28 Profit before tax 392 Taxation 124 Profit for the year 268 KANE CO. STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER Non-current assets; Cost Depreciation 2019 Ghe000 2018 Ghe'000 1,596 1,596 (318) (224) 1.278 1,336 Current Assets: Inventory Trade Receivables 22 24 20 76 58 Bank 48 56 148 134 Total Assets 1,426 1,470 Equity and Liability: Equity; Share capital Income Surplus 396 364 716 514 1.112 878 Non-current liabilities: Long term loans 200 500 Current Liabilities: Trade Payables Taxation Total Equity and Liabilities 12 6 102 86 1.426 1,470 Dividend paid were Ghc66,000 During the year the company paid Ghc90,000 for new piece of machinery Required: Prepare the statement of cash flows for Kane Co. for the year ended 31 December 2019 in accordance with the requirement for IAS 7 using the indirect method under the following headings a) Cash flows from operating Activities b) Cash flows from Investing Activities c) Cash flows from financing Activities) (AN:9) (AN:8) (EV:8)

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To prepare the statement of cash flows for Kane Co for the year ended 31 December 2019 we need to an... View the full answer