Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

CASH is KING ltd, a limited liability company, has non-current assets with a carry value of 300,000 on 1st December 2019. This company is preparing

CASH is KING ltd, a limited liability company, has non-current assets with a carry value of 300,000 on 1st December 2019. This company is preparing financial statements for the year ended 31 December 2020. $ $ 2020 2019 COST 120,540 86,100 ACC DEPRECIATION 72,324 43,050 CARRYING VALUE 48,216 43,050 REVALUATION SURPLUS 11,100 10,350 Additional information 1. During the year non-current assets which had cost $9,840, with a carrying value of $4,723 were sold for $5,904. 2. The revaluation surplus arose from the revaluation of some land that was not being depreciated. Required. The cash flows investing for the year ended 31 December 2020 should be

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Wiley CIA Exam Review Test Bank Part 1 Essentials Of Internal Auditing

Authors: S. Rao Vallabhaneni

1st Edition

1119987237, 978-1119987239

More Books

Students also viewed these Accounting questions

Question

On the CVP graph, where is the breakeven point shown? Why?

Answered: 1 week ago