Below are the income statement and comparative balance sheet of Doone Corporation for year ending Dec...
Below are the income statement and comparative balance sheet of Doone Corporation for year ending Dec 31, 2019 is given below. All amounts in Canadian dollars.
Required: Prepare the cashflow statement, clearly including operating, financing and investing activities up to the net change in cash using the Indirect method as of Dec 31, 2019.
Doone Corporation
Income Statement
For the Year ended Dec 31, 2019
Sales Revenue 780,000
Less: Cost of Goods Sold 360,000
Gross Profit 420,000
Less: Selling, General and Administrative Expenses 85,000
Operating profit 335,000
Less: Depreciation expense 55,000
Earnings before interest and taxes 280,000
Less: Interest expense 35,000
Earnings before taxes 245,000
Less: tax expense (40%) 98,000
Net Income 147,000
Doone Corporation
Comparative Balance Sheet
Dec 31, 2018 and 2019
2018 2019
Cash 12,000 16,000
Marketable securities 23,000 24,000
Accounts receivables 60,000 75,000
Inventory 65,000 48,000
Investments 67,000 52,000
Total current assets 227,000 215,000
Property, Plant & Equipment 560,000 680,000
Less: Accumulated Depreciation 45,000 60,000
Net Prop., Plant & Equipment 515,000 620,000
Total Assets 742,000 835,000
Accounts payable 38,000 45,000
Notes payable 15,000 8,000
Accrued expenses 11,000 8,000
Salaries payable 5,000 1,000
Total current liability 69,000 62,000
Bonds payable 150,000 195,000
Total liabilities 219,000 257,000
Share capital 450,000 500,000
Retained Earnings 73,000 78,000
Total Shareholder’s equity 523,000 578,000
Total Liabilities and 742,000 835,000
Shareholders equity
Homework Answers
| cash Flow statement | |||
| Particulars | Amount | Amount | |
| Cash flow From Operating Activities | |||
| Profit After taxation | 147000.00 | ||
| Add- | Taxes paid | 98000.00 | |
| Add | Depreciation | 55000.00 | |
| Add- | Interest Expense | 35000.00 | |
| Operating profit Before Working Capital Change | 335000.00 | ||
| Changes in working capital | |||
| Increase In Account Receivables | -15000.00 | ||
| decrease In Inventory | 17000.00 | ||
| decrease In Investment | 15000.00 | ||
| Increase In Account payables | 7000.00 | ||
| decrease In Notes payables | -7000.00 | ||
| Decrease In Accrued expenses | -3000.00 | ||
| Decrease In Salary payables | -4000.00 | ||
| Operating profit after Working Capital Change | 345000.00 | ||
| Taxes paid | -98000.00 | ||
| Cash inflow From Operating Activities | 247000.00 | 247000.00 | |
| Cash flow From Investing Activities | |||
| Purchase of PPE | -160000.00 | ||
| Cash OutFlow From Investing Activities | -160000.00 | -160000.00 | |
| Cash flow From Financing Activities | |||
| Interest paid( Finance Costs) | -35000.00 | ||
| Proceeds from Bonds payables | 45000.00 | ||
| Proceeds from Share Capital | 50000.00 | ||
| Dividend paid | -142000.00 | ||
| Cash outflow From Financing Activities | -82000.00 | -82000.00 | |
| Net Cash Inflow | 5000.00 | ||
| Opening cash ( cash + marketable Securities) | 35000.00 | ||
| Closing cash balance ( cash + marketable Securities) | 40000.00 |
|
Property plant & Equipment |
|||
|
Opening bal. |
515000 |
Depreciation |
55000 |
|
Cash (B. Fig) |
160000 |
Closing Bal. |
620000 |
|
675000 |
675000 |
||
|
Retained Earnings |
|||
|
Dividend(Cash) |
142000 |
Opening bal. |
73000 |
|
Closing Bal. |
78000 |
Net Profit |
147000 |
|
220000 |
220000 |
Add Answer to:
Below are the income statement and comparative balance sheet of
Doone Corporation for year ending Dec...
Below are the income statement and comparative balance sheet of Doone Corporation for year ending Dec...
Below are the income statement and comparative balance sheet of Doone Corporation for year ending Dec 31, 2019 is given below. All amounts in Canadian dollars. Required: Prepare the cashflow statement, clearly including operating, financing and investing activities up to the net change in cash using the Indirect method as of Dec 31, 2019. Doone Corporation Income Statement For the Year ended Dec 31, 2019 Sales Revenue 950,000 Less: Cost of Goods Sold 520,000 Gross Profit 430,000 Less: Selling,...
Below are the income statement and comparative balance sheet of Doone Corporation for year ending Dec...
Below are the income statement and comparative balance sheet of Doone Corporation for year ending Dec 31, 2019 is given below. All amounts in Canadian dollars. Required: Prepare the cashflow statement, clearly including operating, financing and investing activities up to the net change in cash using the Indirect method as of Dec 31, 2019. Doone Corporation Income Statement For the Year ended Dec 31, 2019 Sales Revenue 670,000 Less: Cost of Goods Sold 340,000 Gross Profit 330,000 Less: Selling, General...
Below are the income statement and comparative balance sheet of Doone Corporation for year ending Dec...
Below are the income statement and comparative balance sheet of Doone Corporation for year ending Dec 31, 2019 is given below. All amounts in Canadian dollars. Required: Prepare the cashflow statement, clearly including operating, financing and investing activities up to the net change in cash using the Indirect method as of Dec 31, 2019. Doone Corporation Income Statement For the Year ended Dec 31, 2019 Sales Revenue 670,000 Less: Cost of Goods Sold 340.000 Gross Profit 330,000 Less: Selling, General...
Below are the income statement and comparative balance sheet of Doone Corporation for year ending Dec...
Below are the income statement and comparative balance sheet of Doone Corporation for year ending Dec 31, 2019 is given below. All amounts in Canadian dollars. Required: Prepare the cashflow statement, clearly including operating, financing and investing activities up to the net change in cash using the Indirect method as of Dec 31, 2019. Doone Corporation Income Statement For the Year ended Dec 31, 2019 Sales Revenue 670,000 Less: Cost of Goods Sold 340.000 Gross Profit 330,000 Less: Selling, General...
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Below are the income statement and comparative balance sheet of Doone Corporation for year ending Dec 31, 2019 is given below. All amounts in Canadian dollars. Required: Prepare the cashflow statement, clearly including operating, financing and investing activities up to the net change in cash using the Indirect method as of Dec 31, 2019. Doone Corporation Income Statement For the Year ended Dec 31, 2019 Sales Revenue 670,000 Less: Cost of Goods Sold 340,000 Gross Profit 330,000 Less: Selling, General...
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