The comparative statements of financial position for the years 2021 and 2022 and a summarised income...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The comparative statements of financial position for the years 2021 and 2022 and a summarised income statement for the year ended 30 June 2022 are shown below (Ignore GST and Tax): BRIGHTON BEACH LTD Comparative Statements of Financial Position as at 30 June Assets Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation. equipment Land Motor vehicles Accumulated depreciation - motor vehicles Total assets Liabilities Bank overdraft Accounts payable Long-term mortgage Total liabilities Net assets Equity Share capital Retained earnings Total equity 2021 (S'000) 100 4 290 6 000 300 19 200 (6 000) 20 400 14 550 (5 490) 53 350 400 6 150 14 100 20 650 32 700 26 700 6 000 32 700 2022(S'000) 700 3 150 6 600 360 25 500 (7 500) 24 000 15 600 (6 300) 62 110 160 7950 18 900 27 010 35 100 26 700 8 400 35 100 BRIGHTON BEACH LTD Income Statement for the year ended 30 June 2022 ($'000) Sales (on credit) Less: Cost of goods sold Gross profit Less: expenses (including depreciation) Profit 16 800 5 100 11 700 8 610 3 090 Additional information: Insurance expense for the year ended 30 June 2022 is nil. All other expenses were paid in cash (excluding depreciation). The company declared and paid cash dividend. The bank overdraft was considered to be part of the entity's everyday cash management activities. Required: Prepare a statement of cash flows using the direct method for the year ended 30 June 2022 (show all workings). The comparative statements of financial position for the years 2021 and 2022 and a summarised income statement for the year ended 30 June 2022 are shown below (Ignore GST and Tax): BRIGHTON BEACH LTD Comparative Statements of Financial Position as at 30 June Assets Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation. equipment Land Motor vehicles Accumulated depreciation - motor vehicles Total assets Liabilities Bank overdraft Accounts payable Long-term mortgage Total liabilities Net assets Equity Share capital Retained earnings Total equity 2021 (S'000) 100 4 290 6 000 300 19 200 (6 000) 20 400 14 550 (5 490) 53 350 400 6 150 14 100 20 650 32 700 26 700 6 000 32 700 2022(S'000) 700 3 150 6 600 360 25 500 (7 500) 24 000 15 600 (6 300) 62 110 160 7950 18 900 27 010 35 100 26 700 8 400 35 100 BRIGHTON BEACH LTD Income Statement for the year ended 30 June 2022 ($'000) Sales (on credit) Less: Cost of goods sold Gross profit Less: expenses (including depreciation) Profit 16 800 5 100 11 700 8 610 3 090 Additional information: Insurance expense for the year ended 30 June 2022 is nil. All other expenses were paid in cash (excluding depreciation). The company declared and paid cash dividend. The bank overdraft was considered to be part of the entity's everyday cash management activities. Required: Prepare a statement of cash flows using the direct method for the year ended 30 June 2022 (show all workings).
Expert Answer:
Answer rating: 100% (QA)
To prepare the statement of cash flows using the direct method we need to analyze the changes in the companys accounts from the beginning of the year to the end Here are the steps to follow Statement ... View the full answer
Related Book For
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
Posted Date:
Students also viewed these mathematics questions
-
The comparative statements of financial position for Ramirez Company as of December 31 are presented on the shown below. Additional information: 1. Operating expenses include depreciation expense of...
-
The comparative statements of financial position for Amaral Reis Company SA as of December 31 are presented as follows. Additional information: 1. Operating expenses include depreciation expense of...
-
Below are the comparative statements of financial position for Lowenstein Corporation. Dividends in the amount of $10,000 were declared and paid in 2019. Instructions From this information, prepare a...
-
A 0.20-m-diameter, thin-walled steel pipe is used to transport saturated steam at a pressure of 20 bars in a room for which the air temperature is 25C and the convection heat transfer coefficient at...
-
The following table shows the total costs and total benefits in billions for four different antipollution programs of increasing scope. Which program should be undertaken?Why? Program Total Cost...
-
Which of the following best describes how each passage characterizes Hemingway? A) Passage 1 portrays him as a tortured poet, but Passage 2 portrays him as a crass amateur. B) Passage 1 portrays him...
-
Figure P28.90 shows two square loops of wire. The loop on the right is fixed in place, and the one on the left is free to pivot in any direction. Both loops carry a current that is counterclockwise...
-
Dave has $100,000 to invest in 10 mutual fund alternatives with the following restrictions. For diversification, no more than $25,000 can be invested in any one fund. If a fund is chosen for...
-
(a) A company has an EPS of Rs. 2.5 for the last year and the DPS of Rs. 1. The earnings is expected to grow at 2% a year in long run. Currently it is trading at 7 times its earnings. If the required...
-
Identify by letter the curve you would expect in the titration of a solution containing (a) Disodium maleate, Na 2 M, with standard acid. (b) Pyruvic acid, HP, with standard base. (c) Sodium...
-
1. Write a C++ program asking the user to enter a number between 1 and 100. Validate the input. Use a while loop and a counter to print the first 20 multiples of that number. Sample run of program:...
-
Construct phase variable form simulation diagram for the following transfer functions and develop state space model in matrix form (a) \(\mathrm{T}(s)=\frac{\mathrm{Y}(s)}{\mathrm{U}(s)}=\frac{10...
-
The SISO system with repeated characteristic roots is described by transfer function \[ \mathrm{T}(s)=\frac{\mathrm{Y}(s)}{\mathrm{U}(s)}=\frac{7 s^{3}}{(s+2)^{2}(s+6)^{2}} \] Find state space model...
-
For the system described by the state equation \[ \dot{x}=\left[\begin{array}{ccc} 0 & 1 & 0 \\ 0 & 0 & 1 \\ 0.5 & 1 & 2 \end{array}ight] x+\left[\begin{array}{l} 0 \\ 0 \\ 1 \end{array}ight] u \] if...
-
A system has poles at \(0.01 \mathrm{~Hz}, 1 \mathrm{~Hz}\) and \(80 \mathrm{~Hz}\); zeros at \(5 \mathrm{~Hz}, 100 \mathrm{~Hz}\) and \(200 \mathrm{~Hz}\). The approximate phase of the system...
-
The input-output transfer function of a plant \(\mathrm{H}(s)=\frac{100}{s(s+10)^{2}}\). The plant is placed in a unity negative feedback configuration as shown in the figure below. The signal flow...
-
1- What is the basic competitive model in economics?2- How do prices, property rights, and profits function in the economic system?3- How do incentives and information affect economic...
-
You are a U.S. investor who purchased British securities for 2,000 one year ago when the British pound cost U.S. $1.50. What is your total return (based on U.S. dollars) if the value of the...
-
On 1 July 2015, McGregor and Roberts decided to amalgamate their businesses and to share profits equally. Financial information at that date was: McGregor Roberts Capital Accounts payable Bank...
-
Pringles Ltd is a large department store that has used the straight-line depreciation method since the company was first formed. For the year ended 30 June 2015, the company made a record profit and...
-
Zhang Ltd acquired the business of Azzam Ltd for a cash outlay of $5 000000 on 1 July 2016. The summarised balance sheet of Azzam Ltd on that date was as follows: AZZAM LTD Summarised Balance Sheet...
-
Genevieve and William Timmons began their tenancy of a ground-floor apartment at Cobblestone Square in September 2011. Kingsley-Johnston, Inc., is a property management company responsible for...
-
Cress Trust owns houses in Marion County, for whom Rainbow Realty Group, Inc., sells, rents, and manages. The same person serves as Rainbows president and Cresss corporate trustee. Cress offers four...
-
Linda Miller rented 35 acres of pastureland in Wabaunsee County, Kansas, from William Burnett for $1,000 per year. Miller and her husband used the land to grow and harvest brome grass for their...
Study smarter with the SolutionInn App