![ou are provided with the following financial information for Dwayne Pipe Plumbine DWAYNE PIPE PLUMBING INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2018 DWAYNE PIPE PLUMBING COMPARATIVE BALANCE SHEETS AS AT 30 JUNE Net Sales Cost of Salrs Gross Profit: Other Revenue Discount Received Interest Revenue 5107 000 45 200 61 800 2019 2018 Current Assets Cash on Hand Cash at Bank Accaunts Receivable Inet Inventory Prepaid Expenses Non-Current Assets Plant & Equipment LessiAccum, Depreciation Total Assets $1 200 $280 $4 000 1009 4 500 18 000 650 10 320 62 120 5 200 28 000 650 Expenses Sellng & Admin Expense Doubtful Debts Expense Depreciation Expense Interest Expense Profit beforc tax Income Tax Expense Profit 16 500 354 5 400 3 800 36 050 $28 159 83 500 64 000 26 054 36 006 3 378 1230002 60500 96 SS0 !1760이 46 400 74 S59 Current Liablities Bank Overdraft Accounts Payable Expenses Payable Tax Payable Non-Current Liobiites Bank Loan Total Liabilitles Net Assets 6 402 4 000 780 890 2 800 ANSWER THIS QUESTION ON THE PRO FORMA PROVIDED 12 072 1200 4790 REQUIRED: 20 000 32 072 $64 478 20 000 24 790 $49 769 a Prepare a Statement of Cash Flows in the pro forma provided on the following page. You must show all can (a answer without supporting calculations will recelve zero marks] (15 marks) Equity Capital R.Pias G4 478 49 769 $64 478 $49769](http://img.homeworklib.com/questions/3c93d5f0-7540-11ea-85bf-339ad6856876.png?x-oss-process=image/resize,w_560)
Homework Answers
![Direct Method For the year ending Amount Amount Ref Cash flows from operating activities Receipts from customers Payment to suppliers & employees Operating expenses paid Cash generated from operations Interest paid Income taxes paid Net cash from operating activities Cash flows from investing activities Interest Received Purchase of Plant & Equipment Net cash used in investing activities Cash flows from financing activities Proceeds from Bank Over draft* Drawings Net cash used in financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period 106,300 (53,720) (17,864) W.N.1 W.N.2 W.N.3 34,716 (3,800)] (3,688) WN 5 27,228 40 (19,500) WN 6 (19,460) 6,402 (17,979) W.N.4 (11,577) (3,809) 5,009 -4000+1009 1,200 under U.S. GAAP, bank overdrafts are not cash or cash equivalents and are included in financing activities.](http://img.homeworklib.com/questions/3d191330-7540-11ea-9654-71a165af1c92.png?x-oss-process=image/resize,w_560)
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DWAYNE PIPE PLUMBING CASH FLOW STATEMENT FOR THE YEAR ENDING 30 JUNE 2018 Direct method Cash...
Thelma Blinkley is the sole proprietor of the "Retro Lounge' a business that sells retro banana...
Thelma Blinkley is the sole proprietor of the "Retro Lounge' a business that sells retro banana lounges. Thelma is a good friend of both Ms Blake and Mr Jones and they frequently refer clients to each other business. They have been so impressed with the quality of accounting work done for them by Michell & Co Accounting Specialists Pty Ltd and in particular with your work that they have suggested that Thelma come to see you for assistance in preparing...
ABC Ltd has provided the following information: Income Statement for the year ended 30 June 2018...
ABC Ltd has provided the following information: Income Statement for the year ended 30 June 2018 $000 Revenue 25460 Cost of Sales 9810 Gross Profit 15650 Depreciation 7860 Other Expenses 1080 Gain on disposal of Non Current assets 150 6860 Operating Profit Finance Charges 2250 Profit before Tax 4610 Taxation 1030 Profit for the year 3580 Statement of Changes in Equity for the year ended 30 June 2018 Retained Earnings 01.07.17 8210 Profit for the year 3580 11790 Dividends paid...
COMPARATIVE BALANCE SHEETS AS AT JUNE 30 2020 2019 $'000's $'000's 146 134 Current Assets Cash...
COMPARATIVE BALANCE SHEETS AS AT JUNE 30 2020 2019 $'000's $'000's 146 134 Current Assets Cash at Bank Accounts Receivable Prepaid Insurance Inventory 52 45 10 6 58 46 250 170 Non-Current Assets Machinery less Accum. Depr Machinery Investments Total Assets 90 160 60 110 50 20 476 361 42 58 Current Liabilities Accounts Payable Wages Payable Income Tax Payable 3 8 10 5 Non-Current Liabilities Loan 130 100 185 171 Total Liabilities Net Assets 291 190 Shareholders' Equity Share...
PSB11.10 Below is the information relating to Simic and Nikolic Ltd for the year ended 30 June 2016. Prepare a sta...
PSB11.10 Below is the information relating to Simic and Nikolic Ltd for the year ended 30 June 2016. Prepare a statement of cash flows, including asset revaluations, bones share ise and transfer to resernes, using direct and indinect methods SIMIC AND NIKOLIC LTD Statement of financial position as at 30 June 2016 (LO3) 2016 2015 $000 $000 Assets Current assets 3150 1240 Cash 1 220 1 100 Accounts receivable Allowance for doubtful debts (60) 1520 60 (50) 1300 Inventory Prepaid...
Comment on: a) the company's performance for the year to 30 June 2018 b) the limitations...
Comment on:
a) the company's performance for the year to 30 June 2018
b) the limitations of ratio analysis
Style Limited (Adapted from Dyson p 245, 10.9) 2018 £ 000 2017 £ 000 2017 000 000 000 000 000 1,900 1,500 420 685 Income Statement Sales (all credit) Cost of Goods Sold Opening stock Purchases (all credit) 80 2018 £ 000 Statement of Financial Position Fixed Assets (NBV) Current Assets Inventory 250 Trade debtors Bank 1,100 Less: Current Liabilities Bank...
B. Prepare the deferred tax worksheet as at 30 June 2019 and the tax journal entries....
B. Prepare the deferred tax worksheet as at 30 June 2019 and the
tax journal entries. 15 marks
QUESTION 2 30 marks DaJen Ltd prepared a draft statement of profit and loss (P/L) for the year ended 30 June 2019 which showed a profit before tax of $24 420. The P/L included the following items of income and expense: Government grant (exempt from tax) Proceeds on sale of plant 5 000 23 000 Bad debts expense Depreciation expense - plant...
MONTGOMERY, INC Statement of Cash Flows (Indirect Method) For Year Ended December 31, 2018 Cash flows...
MONTGOMERY, INC Statement of Cash Flows (Indirect Method) For Year Ended December 31, 2018 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operations: Changes in current operating assets and liabilities Depreciation expense Decrease in accounts receivable Decrease in accounts payable Decrease in salaries payable Increase in inventory Net cash used in operating activities Cash flows from investing activities 0) Cash flows from financing activities 0 0 Cash balance at beginning of...
CASE 4 Statement of profit or loss for the year ended June 2018 Sales Cost of...
CASE 4 Statement of profit or loss for the year ended June 2018 Sales Cost of sales Gross profit Selling and distribution expenses Administrative expenses Finance expenses RM'000 100,000 64,000 36,000 1,000 1,000 500 2,500 31,000 Taxes Net profit after tax Statement of profit and loss for the year ended December 2018 RM'000 32,000 Non-current assets Property, Plant and Equipment Current assets Cash Account receivables Inventory Total current assets Total assets 20,100 13,900 30,200 64,200 96,200 9,000 Non-current liabilities 8%...
The draft statement of profit or loss of Event Light Ltd for the year ended 30...
The draft statement of profit or loss of Event Light Ltd for the year ended 30 June 2020 showed a profit before tax of $25 240, included the following items of income and expense: Government grant (exempt from tax) Proceeds on sale of plant Carrying amount of plant sold Impairment of goodwill Bad debts expense Depreciation expense – plant Insurance expense Long-service leave expense 6 000 23 000 20 000 11 100 8 100 14 000 12 900 14 500...
2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 83,...
2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 83, 300 Accounts receivable, net 75,500 Inventory 70,800 Prepaid expenses 5, 100 Total current assets 234, 700 Equipment 131,000 Accum. depreciation-Equipment (30,500) Total assets $335, 200 Liabilities and Equity Accounts payable $ 32,000 Wages payable 6,700 Income taxes payable 4,100 Total current liabilities 42,800 Notes payable (long term) 31,400 Total liabilities 74, 200 Equity Common stock, $5 par value 234,000 Retained earnings 27,000 Total liabilities...
Thelma Blinkley is the sole proprietor of the "Retro Lounge' a business that sells retro banana lounges. Thelma is a good friend of both Ms Blake and Mr Jones and they frequently refer clients to each other business. They have been so impressed with the quality of accounting work done for them by Michell & Co Accounting Specialists Pty Ltd and in particular with your work that they have suggested that Thelma come to see you for assistance in preparing...
ABC Ltd has provided the following information: Income Statement for the year ended 30 June 2018 $000 Revenue 25460 Cost of Sales 9810 Gross Profit 15650 Depreciation 7860 Other Expenses 1080 Gain on disposal of Non Current assets 150 6860 Operating Profit Finance Charges 2250 Profit before Tax 4610 Taxation 1030 Profit for the year 3580 Statement of Changes in Equity for the year ended 30 June 2018 Retained Earnings 01.07.17 8210 Profit for the year 3580 11790 Dividends paid...
COMPARATIVE BALANCE SHEETS AS AT JUNE 30 2020 2019 $'000's $'000's 146 134 Current Assets Cash at Bank Accounts Receivable Prepaid Insurance Inventory 52 45 10 6 58 46 250 170 Non-Current Assets Machinery less Accum. Depr Machinery Investments Total Assets 90 160 60 110 50 20 476 361 42 58 Current Liabilities Accounts Payable Wages Payable Income Tax Payable 3 8 10 5 Non-Current Liabilities Loan 130 100 185 171 Total Liabilities Net Assets 291 190 Shareholders' Equity Share...
PSB11.10 Below is the information relating to Simic and Nikolic Ltd for the year ended 30 June 2016. Prepare a statement of cash flows, including asset revaluations, bones share ise and transfer to resernes, using direct and indinect methods SIMIC AND NIKOLIC LTD Statement of financial position as at 30 June 2016 (LO3) 2016 2015 $000 $000 Assets Current assets 3150 1240 Cash 1 220 1 100 Accounts receivable Allowance for doubtful debts (60) 1520 60 (50) 1300 Inventory Prepaid...
Comment on:
a) the company's performance for the year to 30 June 2018
b) the limitations of ratio analysis
Style Limited (Adapted from Dyson p 245, 10.9) 2018 £ 000 2017 £ 000 2017 000 000 000 000 000 1,900 1,500 420 685 Income Statement Sales (all credit) Cost of Goods Sold Opening stock Purchases (all credit) 80 2018 £ 000 Statement of Financial Position Fixed Assets (NBV) Current Assets Inventory 250 Trade debtors Bank 1,100 Less: Current Liabilities Bank...
B. Prepare the deferred tax worksheet as at 30 June 2019 and the
tax journal entries. 15 marks
QUESTION 2 30 marks DaJen Ltd prepared a draft statement of profit and loss (P/L) for the year ended 30 June 2019 which showed a profit before tax of $24 420. The P/L included the following items of income and expense: Government grant (exempt from tax) Proceeds on sale of plant 5 000 23 000 Bad debts expense Depreciation expense - plant...
MONTGOMERY, INC Statement of Cash Flows (Indirect Method) For Year Ended December 31, 2018 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operations: Changes in current operating assets and liabilities Depreciation expense Decrease in accounts receivable Decrease in accounts payable Decrease in salaries payable Increase in inventory Net cash used in operating activities Cash flows from investing activities 0) Cash flows from financing activities 0 0 Cash balance at beginning of...
CASE 4 Statement of profit or loss for the year ended June 2018 Sales Cost of sales Gross profit Selling and distribution expenses Administrative expenses Finance expenses RM'000 100,000 64,000 36,000 1,000 1,000 500 2,500 31,000 Taxes Net profit after tax Statement of profit and loss for the year ended December 2018 RM'000 32,000 Non-current assets Property, Plant and Equipment Current assets Cash Account receivables Inventory Total current assets Total assets 20,100 13,900 30,200 64,200 96,200 9,000 Non-current liabilities 8%...
2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 83, 300 Accounts receivable, net 75,500 Inventory 70,800 Prepaid expenses 5, 100 Total current assets 234, 700 Equipment 131,000 Accum. depreciation-Equipment (30,500) Total assets $335, 200 Liabilities and Equity Accounts payable $ 32,000 Wages payable 6,700 Income taxes payable 4,100 Total current liabilities 42,800 Notes payable (long term) 31,400 Total liabilities 74, 200 Equity Common stock, $5 par value 234,000 Retained earnings 27,000 Total liabilities...
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