NEX Pte Ltd is a company incorporated in Singapore and adopts the Singapore FRSS. The comparative...

Transcribed Image Text:

NEX Pte Ltd is a company incorporated in Singapore and adopts the Singapore FRSS. The comparative statements of financial position and extract of its final income statement for NEX Pte Ltd are given as follows: NEX Pte Ltd Comparative Statements of Financial Position 31 December, 20X1 and 20X2 Current Assets Cash Accounts receivable Inventory Dividend receivable Investment in OTO Ltd Non-current Assets Building 20X2 20X1 S S 121,920 382,200 50,760 66,720 62,620 56,760 0 1,440 0 96,000 1,200,000 Accumulated depreciation, building (24,000) Equipment 360,000 126,000 Accumulated depreciation, equipment (129,600) (90,720) Total assets $1,641,700 638,400 Liabilities and Shareholders' Equity Current Liabilities Accounts payable 26,160 33,180 Salaries payable Interest payable Income tax payable Non-current Liabilities Bank Loan 39,600 27,120 4,800 1,920 24,100 15,300 120,000 48,000 Shareholders' equity Share capital 1,320,000 420,000 Retained earnings 107,040 92,880 Total liabilities & Shareholders' Equity 1,641,700 638,400 NEX Pte Ltd Income Statement (extract) For the financial year ended 31 December 20X2 S Revenue S 770,760 Expenses Salary expense 234,000 Depreciation expense 62,880 Administrative and marketing expense 166,800 Interest expense 4,800 Total expenses 468,480 Profit before tax Income tax expense Profit after tax Additional information 302,280 35,300 266,980 (1) The company bought a new building and some equipment during the and paid in cash. year (2) Investment in OTO Ltd divested for cash. (3) Additional loan was obtained from the bank during the year. (4) Additional ordinary shares were issued for cash during the year. (5) (6) Required: The company's practice is to classify interest payments, interest receipts and dividend receipts as under operating cash flows and dividend payments as under financing cash flows on the Statement of Cash Flows. When preparing the Statement of Cash Flows, the company's practice is to present the section on cash flows from operating activities using the indirect method. Prepare NEX Pte Ltd's Statement of Cash Flows for the year ended 31 December 20X2 as required under Singapore Financial Reporting Standard 7 Statement of Cash Flows. Please show all workings clearly to get full credit. NEX Pte Ltd is a company incorporated in Singapore and adopts the Singapore FRSS. The comparative statements of financial position and extract of its final income statement for NEX Pte Ltd are given as follows: NEX Pte Ltd Comparative Statements of Financial Position 31 December, 20X1 and 20X2 Current Assets Cash Accounts receivable Inventory Dividend receivable Investment in OTO Ltd Non-current Assets Building 20X2 20X1 S S 121,920 382,200 50,760 66,720 62,620 56,760 0 1,440 0 96,000 1,200,000 Accumulated depreciation, building (24,000) Equipment 360,000 126,000 Accumulated depreciation, equipment (129,600) (90,720) Total assets $1,641,700 638,400 Liabilities and Shareholders' Equity Current Liabilities Accounts payable 26,160 33,180 Salaries payable Interest payable Income tax payable Non-current Liabilities Bank Loan 39,600 27,120 4,800 1,920 24,100 15,300 120,000 48,000 Shareholders' equity Share capital 1,320,000 420,000 Retained earnings 107,040 92,880 Total liabilities & Shareholders' Equity 1,641,700 638,400 NEX Pte Ltd Income Statement (extract) For the financial year ended 31 December 20X2 S Revenue S 770,760 Expenses Salary expense 234,000 Depreciation expense 62,880 Administrative and marketing expense 166,800 Interest expense 4,800 Total expenses 468,480 Profit before tax Income tax expense Profit after tax Additional information 302,280 35,300 266,980 (1) The company bought a new building and some equipment during the and paid in cash. year (2) Investment in OTO Ltd divested for cash. (3) Additional loan was obtained from the bank during the year. (4) Additional ordinary shares were issued for cash during the year. (5) (6) Required: The company's practice is to classify interest payments, interest receipts and dividend receipts as under operating cash flows and dividend payments as under financing cash flows on the Statement of Cash Flows. When preparing the Statement of Cash Flows, the company's practice is to present the section on cash flows from operating activities using the indirect method. Prepare NEX Pte Ltd's Statement of Cash Flows for the year ended 31 December 20X2 as required under Singapore Financial Reporting Standard 7 Statement of Cash Flows. Please show all workings clearly to get full credit.