CORIS RA is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems tit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government. For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSAS. You were asked by to government to assist CORIS RA with its accounting processes, which involved the recording generation and preparation of accounting transactions and final accounts as stipulated by the PSA55 Working with a team of qualified and experienced accountants, you were able to prepare the following accounting information of CORIS RA for the year ending December 2020 Details Amount Dividend Received 93,250 Loan payment 143,000 Amounts Recovered 194.000 Interest Expense 200,000 Court Administration Fees 240,000 Cost of Training 275,000 Bar License 300,400 Store Rent 300,750 Fines and Penalties 330,000 General Cleaning 350,000 Sanitation 370,000 Accumulated Fund (1/1/2020) 370,600 Basic Taxes and Rates 370,900 Allowances 390,470 Equity Investment Acquired 420,000 Royalties 430,000 Accountancy and Consultancies cost 470,000 Work-In-Proeress 490,000 Herbalist License 530,370 Posts not on Establishment 580,000 Other Expenditure 600,000 Stool Land Revenue 600,000 Transport and Travelling cost 620,000 Utilities 630,000 Hostel License 630,920 Details Advances to Staff Local Park Fees Inventory and Consumables Special Services Property Rate Social Benefit Market Tolls Consumption of Fixed Assets Infrastructure, Plant and Equipment Permit Fees Proceeds from Sale of Equity Established Posts Development Bonds Issued Business Income Loans Received Local Fund Rent from Land and Building Central Government Salaries Cash and Cash Equivalent (1/1/2020) @ Parish Development Facility Amount 650,000 720,400 800,000 820,000 B20,900 840,300 870,000 950,000 980,000 990,000 990,320 1,140,700 1.300.000 2,300,600 2.330,000 2.930,000 6,120,800 12,000,000 12,300,240 15,000,600 NOTES 1. You are to ensure that CORIS RA adapts and maintain the accrual accounting basis when preparing its financial statements 2. As of December 31, 2020, the Established Post had outstanding salaries of $180,000,000.00 3. Closing Inventory and Consumables as at December 31, 2020 stood at $170,000,000.00 Using the guidelines and formats set out in the applicable IPSASs, you are to: : A. Prepare CORIS RA Statement of Cash Flow for the year ended December 31, 2020 (8 marks) CORIS RA is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems tit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government. For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSAS. You were asked by to government to assist CORIS RA with its accounting processes, which involved the recording generation and preparation of accounting transactions and final accounts as stipulated by the PSA55 Working with a team of qualified and experienced accountants, you were able to prepare the following accounting information of CORIS RA for the year ending December 2020 Details Amount Dividend Received 93,250 Loan payment 143,000 Amounts Recovered 194.000 Interest Expense 200,000 Court Administration Fees 240,000 Cost of Training 275,000 Bar License 300,400 Store Rent 300,750 Fines and Penalties 330,000 General Cleaning 350,000 Sanitation 370,000 Accumulated Fund (1/1/2020) 370,600 Basic Taxes and Rates 370,900 Allowances 390,470 Equity Investment Acquired 420,000 Royalties 430,000 Accountancy and Consultancies cost 470,000 Work-In-Proeress 490,000 Herbalist License 530,370 Posts not on Establishment 580,000 Other Expenditure 600,000 Stool Land Revenue 600,000 Transport and Travelling cost 620,000 Utilities 630,000 Hostel License 630,920 Details Advances to Staff Local Park Fees Inventory and Consumables Special Services Property Rate Social Benefit Market Tolls Consumption of Fixed Assets Infrastructure, Plant and Equipment Permit Fees Proceeds from Sale of Equity Established Posts Development Bonds Issued Business Income Loans Received Local Fund Rent from Land and Building Central Government Salaries Cash and Cash Equivalent (1/1/2020) @ Parish Development Facility Amount 650,000 720,400 800,000 820,000 B20,900 840,300 870,000 950,000 980,000 990,000 990,320 1,140,700 1.300.000 2,300,600 2.330,000 2.930,000 6,120,800 12,000,000 12,300,240 15,000,600 NOTES 1. You are to ensure that CORIS RA adapts and maintain the accrual accounting basis when preparing its financial statements 2. As of December 31, 2020, the Established Post had outstanding salaries of $180,000,000.00 3. Closing Inventory and Consumables as at December 31, 2020 stood at $170,000,000.00 Using the guidelines and formats set out in the applicable IPSASs, you are to: : A. Prepare CORIS RA Statement of Cash Flow for the year ended December 31, 2020 (8 marks)