dates are March not May

II IC VICV UIUIUITY DJIYLUYOUL Extracts from the financial statements of Tavares Ltd and additional information are provided below. Statement of financial position as at 31 March 2017 $000 $000 Non-current assets Property 600 Accumulated (100) 500 depreciation Current assets Inventories 240 Trade receivables 220 Bank 165 6 25 Current liabilities Trade Payables 268 Additional information 1. Forecast sales for the year are $1,400,000. 80% of sales are on credit. The average credit period is six weeks but it is likely that this will change to eight weeks in the forthcoming year. 2. At the year end, inventories are expected to be 25% higher than at the beginning of the year. 3. During the year the directors intend to pay $40,000 to acquire new business property. 4. Total depreciation on property (including that acquired in 3) is estimated to be $40,000. 5. All purchases are on credit. The average credit period taken will be 12 weeks in the forthcoming year. Required: Using information in the case study above to calculate: a) Projected net cash flows from operating activities, Investment activities and financing activities for the year ended 31/5/2018 b) Projected net operating asset and non-current assets for the year ended 31/5/2018