Question 1 The 2020/21 income statement and the statements of financial position for Quantum plc are...

 

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Question 1 The 2020/21 income statement and the statements of financial position for Quantum plc are listed below: Income statement for the period ending 30 September 2021 Revenue Cost of sales Gross Profit Distribution costs Administration costs Gain on disposal of property Impairment of plant and equipment Finance costs Profit before tax Taxation Profit for the year Statement of financial position as at 30 September 2021 Assets Non-current assets Property, plant and equipment Current assets Inventory Accounts receivable Cash Total assets Equity Ordinary Shares (£1 shares) Retained earnings Liabilities Non-current liabilities. Loan Current liabilities Accounts payable Tax payable Interest payable Bank overdraft 4 ● 2020 £000 3,360 1,680 1,950 201 3,831 7,191 1,500 651 2,151 2,928 1,950 90 72 2,112 £000 25,281 7,191 (20,400) 4,881 (1,650) (2,700) 150 (117) (180) 384 (90) 294 2021 £000 4,500 3,390 2,400 5,790 10,290 1,800 564 2,364 3,600 CONTINUED OVERLEAF 2,550 180 105 Total equity and liabilities Additional information: • Total depreciation expense for the year ended 30 Sep 2021 was £570,000. • The gain on sale related to the sale of property which cost £474,600 with accumulated depreciation of £429,600. Required: 1,491 4,326 10,290 Prepare the statement of cash flows for Quantum plc for the year ended 30 September 2021. (Notes to the statement of cash flows are not required.) Write an evaluation of the operating, financing, and investing activities of Quantum plc (500 words maximum). Question 1 The 2020/21 income statement and the statements of financial position for Quantum plc are listed below: Income statement for the period ending 30 September 2021 Revenue Cost of sales Gross Profit Distribution costs Administration costs Gain on disposal of property Impairment of plant and equipment Finance costs Profit before tax Taxation Profit for the year Statement of financial position as at 30 September 2021 Assets Non-current assets Property, plant and equipment Current assets Inventory Accounts receivable Cash Total assets Equity Ordinary Shares (£1 shares) Retained earnings Liabilities Non-current liabilities. Loan Current liabilities Accounts payable Tax payable Interest payable Bank overdraft 4 ● 2020 £000 3,360 1,680 1,950 201 3,831 7,191 1,500 651 2,151 2,928 1,950 90 72 2,112 £000 25,281 7,191 (20,400) 4,881 (1,650) (2,700) 150 (117) (180) 384 (90) 294 2021 £000 4,500 3,390 2,400 5,790 10,290 1,800 564 2,364 3,600 CONTINUED OVERLEAF 2,550 180 105 Total equity and liabilities Additional information: • Total depreciation expense for the year ended 30 Sep 2021 was £570,000. • The gain on sale related to the sale of property which cost £474,600 with accumulated depreciation of £429,600. Required: 1,491 4,326 10,290 Prepare the statement of cash flows for Quantum plc for the year ended 30 September 2021. (Notes to the statement of cash flows are not required.) Write an evaluation of the operating, financing, and investing activities of Quantum plc (500 words maximum).

Answer rating: 100% (QA)

Quantum Plc Statement of Cash Flows For the Year Ended 30 September 2021 000 Cash flows from operati... View the full answer