Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Broadfields Sdn. Bhd., a private company, closes its accounts on December 31 every year. The company reported the following Statement of Financial Position at, December
Broadfields Sdn. Bhd., a private company, closes its accounts on December 31 every year. The company reported the following Statement of Financial Position at, December 31, 2019:
ACC 6110 Individual Assignment (10%) Broadfields Sdn. Bhd., a private company, closes its accounts on December 31 every year The company reported the following Statement of Financial Position at. December 31, 2019: 2019 RM 572.800 (142,000 Equupusent Accumulated depreciation - equipment Long-term investments Inventories Accounts receivable.net Cash and cash equivalent Total assets 2018 RM 450.000 (176,000) 70,000 100,000 48,000 50.000 542.000 108.500 37,000 53.400 629.700 405,000 162,200 567,200 Ordinary share capital Retained earnings Bonds payable, due 2004 Accounts payable Total liabilities - Total equuty 340,000 58.200 398.200 100.000 43.800 542.000 62,500 629,700 The Statement of Profit or Loss for 2019 is as follows: Sales revente Cost of sales Gross profit Other income: Gain on sale of investment Other expense: Loss on sale of equipment Depreciation expense Other operating expense 2019 RM 625.700 (340,000) 285,700 4,000 (800) Finance costs (26,000) (68,000) 194.900 16.00) 188.900 (60.700) 128.200 Income tas expense Profit for the year Additional information for the current year 2019 were as follows: a. A piece of equipment having a book value of RM1,200 was sold for RM400. A Den equipment was purchased for RM183.200. b. Bonds payable for RM100.000 arere redeemed at the face amount c. 5,000 ordinary shares were issued at RM13 per share for cash. d Cash dividends declared and paid, RM25.000 Required: Prepare 1. Statement of Cash Flows for Broadfields Sdn. Bhd for the year ended December 31, 2019 using the indirect method. 2. Evaliate on the cash position points) of Broadfields Sdn. Bhd. for the year 2019Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started