can you please help with this question
ou si $ The following information is extracted from the financial statements of Jelly Ltd for the year ended 30 June 2017: Jelly Ltd Extracts of financial statements as at 30 June 2017 2017 2016 ASSETS $ Cash on hand 64,000 60,000 Deposits at call 1,000,000 800,000 Inventory 480,000 432,000 Accounts Receivable 1,344,000 1,056,000 Allowance for Doubtful debts (192,000) (144,000) Land 1,200,000 480,000 Buildings 1,920,000 1,920,000 Accumulated depreciation-buildings (288,000) (192,000) Plant and equipment (P&E) 2,016,000 1,920,000 Accumulated depreciation-P&E (192,000) (192,000) Deferred tax asset 20,000 Total assets $7,372,000 $6,140,000 LIABILITIES & EQUITY $ $ Bank overdraft 0 16,000 Accounts payable 336,000 384,000 Accrued expenses 60,000 48,000 Current tax liability 436,000 364,000 Bank loan 528,000 480,000 Deferred tax liability 72,000 0 Share capital 2,400,000 1,920,000 Retained earnings 3,372,000 2,928,000 Asset revaluation surplus 168,000 0 Total liabilities & equity $7,372,000 $6,140,000 0 2017 $ 4,248,000 16,000 4,264,000 Income Sales Gain on sale of plant Total income Expenses Cost of goods sold Bad debts expense Depreciation - Building Depreciation - P&E Interest expense Other expenses OPERATING PROFIT Income tax expense OPERATING PROFIT AFTER TAX $ 1,152,000 192,000 96,000 336,000 52,000 1,476,000 (3,304,000) 960,000 (416,000 $ 544,000 Question 7 continued over the page nobeno Question 7 continued stesion mot balonomolni prollola Additional information: STOSOL O bobne 1. During the year land was revalued upwards, recognising a gain on revaluation of $240,000 2. Land was also purchased during the year with consideration being partly paid through the issue of $280 000 fully paid shares, and the remainder paid in cash. 3. Plant with a carrying amount of $144 000, and with an accumulated depreciation of $336 000, is sold during the year, making a gain on sale of $16,000. 4. An interim dividend was paid in cash. OnWOLA 5. The tax rate is 30%. bne Required: Prepare the Statement of Cash Flows of Jelly Ltd for the year ended 30 June 2017 using the direct method of presentation. Show all working out separately from the Statement (ie, do not place working out in your formal Statement presentation). (25 marks) TUDE SAL BIODA DODOS DODO ou si $ The following information is extracted from the financial statements of Jelly Ltd for the year ended 30 June 2017: Jelly Ltd Extracts of financial statements as at 30 June 2017 2017 2016 ASSETS $ Cash on hand 64,000 60,000 Deposits at call 1,000,000 800,000 Inventory 480,000 432,000 Accounts Receivable 1,344,000 1,056,000 Allowance for Doubtful debts (192,000) (144,000) Land 1,200,000 480,000 Buildings 1,920,000 1,920,000 Accumulated depreciation-buildings (288,000) (192,000) Plant and equipment (P&E) 2,016,000 1,920,000 Accumulated depreciation-P&E (192,000) (192,000) Deferred tax asset 20,000 Total assets $7,372,000 $6,140,000 LIABILITIES & EQUITY $ $ Bank overdraft 0 16,000 Accounts payable 336,000 384,000 Accrued expenses 60,000 48,000 Current tax liability 436,000 364,000 Bank loan 528,000 480,000 Deferred tax liability 72,000 0 Share capital 2,400,000 1,920,000 Retained earnings 3,372,000 2,928,000 Asset revaluation surplus 168,000 0 Total liabilities & equity $7,372,000 $6,140,000 0 2017 $ 4,248,000 16,000 4,264,000 Income Sales Gain on sale of plant Total income Expenses Cost of goods sold Bad debts expense Depreciation - Building Depreciation - P&E Interest expense Other expenses OPERATING PROFIT Income tax expense OPERATING PROFIT AFTER TAX $ 1,152,000 192,000 96,000 336,000 52,000 1,476,000 (3,304,000) 960,000 (416,000 $ 544,000 Question 7 continued over the page nobeno Question 7 continued stesion mot balonomolni prollola Additional information: STOSOL O bobne 1. During the year land was revalued upwards, recognising a gain on revaluation of $240,000 2. Land was also purchased during the year with consideration being partly paid through the issue of $280 000 fully paid shares, and the remainder paid in cash. 3. Plant with a carrying amount of $144 000, and with an accumulated depreciation of $336 000, is sold during the year, making a gain on sale of $16,000. 4. An interim dividend was paid in cash. OnWOLA 5. The tax rate is 30%. bne Required: Prepare the Statement of Cash Flows of Jelly Ltd for the year ended 30 June 2017 using the direct method of presentation. Show all working out separately from the Statement (ie, do not place working out in your formal Statement presentation). (25 marks) TUDE SAL BIODA DODOS DODO
