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karyssa33
06.05.2020 •
Mathematics
Question 1
The following statement of financial position relates to XYZ Ltd for the years ending 30 June 2019 and 30 June 2020.
XYZ Ltd
Statement of Financial Position
As at 30 June
2020
2019
Cash at Bank
$ 43,000
$ 42,000
Accounts Receivable
34,500
96,000
Inventory
113,500
124,000
Land
45,000
62,500
Buildings
265,000
137,500
Accumulated depreciation – Buildings
(100,000)
(85,000)
Plant & Equipment
40,000
40,000
Accumulated depreciation – Plant & Equipment
(10,000)
(5,000)
431,000
412,000
Accounts Payable
67,000
60,500
Interest Payable
250
750
Accrued Employee Expenses
3,000
8,750
Mortgage loan payable
66,250
45,000
Share Capital
125,000
125,000
Asset Revaluation Reserve – Land
20,000
Retained earnings
149,500
172,000
431,000
412,000
Additional Information:
a) Gross profit for the year ended 30 June 2020 was $110,500, and consisted of:
Sales Revenue $393,500
Cost of Sales 283,000
b) All purchases and sales of inventory were on credit.
c) Loss for the year ended 30 June 2020 was $18,750, after deducting expenses of $129,250 from the gross profit figure.
d) Expenses of $129,250 comprise of depreciation on Buildings and on Plant & Equipment, a loss on sale of land, $5,000 in interest expense, and other expenses (other expenses relate to Accrued Employee Expenses in the statement of financial position).
e) During the year ended 30 June 2020, cash dividends were paid.
f) The increase in Buildings was due to building extensions which were paid for during the year, and a block of land costing $37,500 was sold for $31,250 cash.
g) No Plant & Equipment was purchased or sold during the year.
h) The revaluation increment on land of $20,000 does not have any effect on profit or loss.
Required:
Prepare the statement of cash flows of XYZ Ltd for the year ended 30 June 2020 based on the direct method of presentation. Ignore tax effects. Notes are not required.
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Ответ:
Please explain more further. It is not described very well.
Step-by-step explanation:
Ответ:
What are the statements?
Step-by-step explanation: