Question

The comparative statements of financial position for the years 2017 and 2018 and a summarized income statement for the year ending 2018 of Genie Marketing Pte Ltd are shown below. Genie had no non-cash financing and investing transactions during 2018. During the year, there were no sales of land or machinery. Genie Marketing Pte Ltd Comparative Statements of Financial Position 31 December 2018 2017 $ 21,000 $ 18,700 46,500 43,100 84,300 89,900 10,000 35,100 146,200 123,700 (30,000) (45,300) $287,800 $255,400 Current assets: Cash Accounts receivable. Inventory Non-current assets: Land. Machinery. Accumulated depreciation machinery.. Total assets..... Current liabilities: Accounts payable .. Accrued marketing expenses. Non-current liabilities: Bank loan............... Equity: Share capital........ Retained earnings Total liabilities and equity. $ 29,800 $ 31,100 18,100 18,700 55,000 65,000 131,100 122,300 52,500 19,600 $255,400 $287.800

Answer 1

Genie Marketing Pte Ltd				Workings:
CASH FLOW STATEMENT				Calculation :
For the Year Ended December 31, 2018				Cash collected from customers
Cash Flow from Operating Activities				Beginning AR	43,100
Receipts form customers	434,600			+ Sales	438,000
Interest received	11,700			- Ending AR	(46,500)
Payment to suppliers and employees	(198,300)				434,600
Marketing expenses paid	(50,300)
Other expesnes paid (91,700 - 15,300)	(76,400)			Purchase from suppliers
Interest paid	(24,600)			- Beginning Inventory	(89,900)
Income tax paid	(16,900)			+ cost of goods sold	205,200
Net Cash Flow provided by operating activities		79,800		+ Ending Inventory	84,300
Cash Flow from Investing Activities					199,600
Payment for purchase of land	(25,100)
Payment for purchase of machinery	(22,500)			Cash paid for suppliers
Net Cash Flow used by investing activities		(47,600)		Beginning AP	29,800
Cash Flow from Financing Activities				+ purchase from suppliers	199,600
Payment of bank loan	(10,000)			- Ending AP	(31,100)
Proceeds from share issue	8,800				198,300
Dividends paid	(28,700)
Net Cash Flow used by financing activities		(29,900)		Cash paid for marketing expenses:
Net increase/decrease in cash held		2,300		+ Beginning accrued expenses	18,700
Cash at the beginning of the year		18,700		+ Marketing expenses	49,700
Cash at the end of the year		21,000		- Ending accrued expenses	(18,100)
					50,300