Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hide/Show Time Remaining Part 1 of 2 - Statement of cash flows Question 1 of 16 5.0 Points The information below relates to questions 1

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

image text in transcribed

Hide/Show Time Remaining Part 1 of 2 - Statement of cash flows Question 1 of 16 5.0 Points The information below relates to questions 1 - 16 1. The following balances, pertaining to 30 April, were taken from the financial records of Matej CC: 2021 2020 R R Member's contribution: Froome 100 000 100 000 Member's contribution: Philippe 100 000 100 000 Member's contribution: Cavendish 85 000 Long-term loan (TDF Bank) 88 900 120 000 Bank (overdraft) 550 Bank (Dr) 250 Vehicles al carrying amount 140 200 200 000 Inventory 76 500 64 000 Land and buildings al cost 411 000 355 000 Equipment al carrying amount 94 000 89 000 Fixed deposit (15% per annum, matures on 31 Dec 2025) 122 000 100 000 Distributions to mamebers payable 12 000 25 000 Trade receivables control 11 200 9 000 SARS (income tax)(Cr)/Income lax payable 7 800 9 600 Long-term loan (Cavendish) 63 750 2. The following information was taken from the income statement for the financial year ended 30 April 2021: R Revenue 425 000 Depreciation 19 700 Profit on sale of vehicle 7 250 Loss on equipment written off 3 400 Income tax expense 17 800 Interest on long-term loan (TDF Bank) 9 800 3 On 30 April 2021 a total amount of R34 000 was apportioned to the members from the profits paid in cash on this date 4. The cash paid to the suppliers and employees for the 2021 financial year amounted to R300 990 5. During the financial year Cavendish discontinued his membership and immigrated to Togo Ca repay his member's contribution in 4 equal instalments. The balance of his member's contributic a long-term loan account. The first instalment payment on the loan account was made on 31 Jan 6. The following transactions took place in respect of property, plant and equipment: 6.1 A vehicle was sold for cash during the financial year. At the date of the sale the carrying R39 000. No other vehicles were bought or sold during the financial year SAMSUNG Sa.ac.za/portal/site/ year ended 30 April 2021: Revenue Depreciation Profit on sale of vehicle Loss on equipment written off Income tax expense Interest on long-term loan (TDF Bank) R 425 000 19 700 7 250 3400 17 800 9 800 3. On 30 April 2021 a total amount of R34 000 was apportioned to the members from the profits of the CC. This amount was paid in cash on this date. 4. The cash paid to the suppliers and employees for the 2021 financial year amounted to R300 990. 5. During the financial year Cavendish discontinued his membership and immigrated to Togo. Cavendish agreed that the CC repay his member's contribution in 4 equal instalments. The balance of his member's contribution account was closed off to a long-term loan account. The first instalment payment on the loan account was made on 31 January 2021. 6. The following transactions took place in respect of property, plant and equipment: 6.1 A vehicle was sold for cash during the financial year. At the date of the sale the carrying amount of this vehicle was R39 000. No other vehicles were bought or sold during the financial year. 6.2 Redundant equipment was written off during the financial year and replaced with new equipment which was purchased for cash at a cost of R18 300. No further equipment was sold or purchased during the financial year. 6.3 Additional buildings were constructed and paid for in cash. QUESTION 1 Which of the following alternatives represents the correct amount that must be disclosed as cash receipts from customers in the cash generated from operations section according to direct method in the statement cash flows of Matej CC for the year ended 30 April 2021? QUESTION 1 Which of the following alternatives represents the correct amount that must be disclosed as cash receipts from customers in the cash generated from operations section according to direct method in the statement cash flows of Matej CC for the year ended 30 April 2021? A. 422 800 B. 445 200 C. 425 000 O D.427 200 Reset Selection Question 2 of 16 5.0 Points QUESTION 2 Assume the correct cash receipts from customers is R500 000 Which of the following alternatives represents the correct amount that must be disclosed as cash generated from operations in the cash flows from operating activities section according to indirect method in the statement of cash flows of Matej CC for the year ended 30 April 2021? - A. (300 990) . B. 199 010 . C. 300 990 . D. 121 810 Reset Selection QUESTION 3 Which of the following alternatives represents the correct amount that must be disclosed as interest paid in the cash generated from operations section according to direct method in the statement cash flows of Matej CC for the year ended 30 April 2021? . A. 9 000 B. 8 900 C. 9 800 . D. (9 800) Reset Selection Question 4 of 16 5.0 Points QUESTION 4 Which of the following alternatives represents the correct amount that must be disclosed as income tax paid in the cash flows from financing activities section according to direct method in the statement cash flows of Matej CC for the year ended 30 April 2021? . A. O . B. (19 600) C. 17 800 D. 19 600 Reset Selection QUESTION 5 Which of the following alternatives represents the correct amount that must be disclosed as income tax paid in the cash generated from operations section according to direct method in the statement cash flows of Matej CC for the year ended 30 April 20212 A. 17 800 O B. (19 600) C. 19 600 . D. O Reset Selection Question 6 of 16 5.0 Points QUESTION 6 Which of the following alternatives represents the correct amount that must be disclosed as distributions to members paid in the cash flows from financing activities section according to direct method in the statement cash flows of Matej CC for the year ended 30 April 2021? A. (47 000) (C) B. 47 000 . C.0 D. 34 000 Reset Selection QUESTION 9 Which of the following alternatives represents the correct amount that must be disclosed as replacement of equipment under investment in property plant and equipment to expand operating capacity in the cash flows from investing activities section according to direct method in the statement cash flows of Matej CC for the year ended 30 April 2021? . A. 18 300 B. (18 300) C. 13 800 D.O Reset Selection Question 10 of 16 5.0 Points QUESTION 10 Which of the following alternatives represents the correct amount that must be disclosed as additions to buildings under investment in property plant and equipment to expand operating capacity in the cash flows from investing activities section according to direct method in the statement cash flows of Matej CC for the year ended 30 April 2021? A. 56 000 . B. 56 100 . O C. (56 000) D.O Reset Selection QUESTION 11 Which of the following alternatives represents the correct amount that must be disclosed as investment in fixed deposit in the cash flows from financing activities section according to direct method in the statement cash flows of Matej CC for the year ended 30 April 2021? A.O B. 100 000 . C. 22 000 D. (22 000) Reset Selection Question 12 of 16 5.0 Points QUESTION 12 Which of the following alternatives represents the correct amount that must be disclosed as investment in fixed deposit in the cash flows from investing activities section according to direct method in the statement cash flows of Matej CC for the year ended 30 April 2021? . A. 100 000 . B. 0 . C. 22 000 @ D. (22 000) Reset Selection QUESTION 15 Which of the following alternatives represents the correct amount that must be disclosed as repayment of member's contributions in the cash flows from financing activities section according to direct method in the statement cash flows of Matej CC for the year ended 30 April 2021? A. (85000) B. 85 000 . CO D. (21 250) Reset Selection Question 16 of 16 50 Points QUESTION 16 Which of the following alternatives represents the correct amount that must be disclosed as repayment of long-term loans in the cash flows from financing activities section according to direct method in the statement cash flows of Matej CC for the year ended 30 April 2021? . A. (31 100) B. 31 100 C. D. 88 900 Reset Selection Hide/Show Time Remaining Part 1 of 2 - Statement of cash flows Question 1 of 16 5.0 Points The information below relates to questions 1 - 16 1. The following balances, pertaining to 30 April, were taken from the financial records of Matej CC: 2021 2020 R R Member's contribution: Froome 100 000 100 000 Member's contribution: Philippe 100 000 100 000 Member's contribution: Cavendish 85 000 Long-term loan (TDF Bank) 88 900 120 000 Bank (overdraft) 550 Bank (Dr) 250 Vehicles al carrying amount 140 200 200 000 Inventory 76 500 64 000 Land and buildings al cost 411 000 355 000 Equipment al carrying amount 94 000 89 000 Fixed deposit (15% per annum, matures on 31 Dec 2025) 122 000 100 000 Distributions to mamebers payable 12 000 25 000 Trade receivables control 11 200 9 000 SARS (income tax)(Cr)/Income lax payable 7 800 9 600 Long-term loan (Cavendish) 63 750 2. The following information was taken from the income statement for the financial year ended 30 April 2021: R Revenue 425 000 Depreciation 19 700 Profit on sale of vehicle 7 250 Loss on equipment written off 3 400 Income tax expense 17 800 Interest on long-term loan (TDF Bank) 9 800 3 On 30 April 2021 a total amount of R34 000 was apportioned to the members from the profits paid in cash on this date 4. The cash paid to the suppliers and employees for the 2021 financial year amounted to R300 990 5. During the financial year Cavendish discontinued his membership and immigrated to Togo Ca repay his member's contribution in 4 equal instalments. The balance of his member's contributic a long-term loan account. The first instalment payment on the loan account was made on 31 Jan 6. The following transactions took place in respect of property, plant and equipment: 6.1 A vehicle was sold for cash during the financial year. At the date of the sale the carrying R39 000. No other vehicles were bought or sold during the financial year SAMSUNG Sa.ac.za/portal/site/ year ended 30 April 2021: Revenue Depreciation Profit on sale of vehicle Loss on equipment written off Income tax expense Interest on long-term loan (TDF Bank) R 425 000 19 700 7 250 3400 17 800 9 800 3. On 30 April 2021 a total amount of R34 000 was apportioned to the members from the profits of the CC. This amount was paid in cash on this date. 4. The cash paid to the suppliers and employees for the 2021 financial year amounted to R300 990. 5. During the financial year Cavendish discontinued his membership and immigrated to Togo. Cavendish agreed that the CC repay his member's contribution in 4 equal instalments. The balance of his member's contribution account was closed off to a long-term loan account. The first instalment payment on the loan account was made on 31 January 2021. 6. The following transactions took place in respect of property, plant and equipment: 6.1 A vehicle was sold for cash during the financial year. At the date of the sale the carrying amount of this vehicle was R39 000. No other vehicles were bought or sold during the financial year. 6.2 Redundant equipment was written off during the financial year and replaced with new equipment which was purchased for cash at a cost of R18 300. No further equipment was sold or purchased during the financial year. 6.3 Additional buildings were constructed and paid for in cash. QUESTION 1 Which of the following alternatives represents the correct amount that must be disclosed as cash receipts from customers in the cash generated from operations section according to direct method in the statement cash flows of Matej CC for the year ended 30 April 2021? QUESTION 1 Which of the following alternatives represents the correct amount that must be disclosed as cash receipts from customers in the cash generated from operations section according to direct method in the statement cash flows of Matej CC for the year ended 30 April 2021? A. 422 800 B. 445 200 C. 425 000 O D.427 200 Reset Selection Question 2 of 16 5.0 Points QUESTION 2 Assume the correct cash receipts from customers is R500 000 Which of the following alternatives represents the correct amount that must be disclosed as cash generated from operations in the cash flows from operating activities section according to indirect method in the statement of cash flows of Matej CC for the year ended 30 April 2021? - A. (300 990) . B. 199 010 . C. 300 990 . D. 121 810 Reset Selection QUESTION 3 Which of the following alternatives represents the correct amount that must be disclosed as interest paid in the cash generated from operations section according to direct method in the statement cash flows of Matej CC for the year ended 30 April 2021? . A. 9 000 B. 8 900 C. 9 800 . D. (9 800) Reset Selection Question 4 of 16 5.0 Points QUESTION 4 Which of the following alternatives represents the correct amount that must be disclosed as income tax paid in the cash flows from financing activities section according to direct method in the statement cash flows of Matej CC for the year ended 30 April 2021? . A. O . B. (19 600) C. 17 800 D. 19 600 Reset Selection QUESTION 5 Which of the following alternatives represents the correct amount that must be disclosed as income tax paid in the cash generated from operations section according to direct method in the statement cash flows of Matej CC for the year ended 30 April 20212 A. 17 800 O B. (19 600) C. 19 600 . D. O Reset Selection Question 6 of 16 5.0 Points QUESTION 6 Which of the following alternatives represents the correct amount that must be disclosed as distributions to members paid in the cash flows from financing activities section according to direct method in the statement cash flows of Matej CC for the year ended 30 April 2021? A. (47 000) (C) B. 47 000 . C.0 D. 34 000 Reset Selection QUESTION 9 Which of the following alternatives represents the correct amount that must be disclosed as replacement of equipment under investment in property plant and equipment to expand operating capacity in the cash flows from investing activities section according to direct method in the statement cash flows of Matej CC for the year ended 30 April 2021? . A. 18 300 B. (18 300) C. 13 800 D.O Reset Selection Question 10 of 16 5.0 Points QUESTION 10 Which of the following alternatives represents the correct amount that must be disclosed as additions to buildings under investment in property plant and equipment to expand operating capacity in the cash flows from investing activities section according to direct method in the statement cash flows of Matej CC for the year ended 30 April 2021? A. 56 000 . B. 56 100 . O C. (56 000) D.O Reset Selection QUESTION 11 Which of the following alternatives represents the correct amount that must be disclosed as investment in fixed deposit in the cash flows from financing activities section according to direct method in the statement cash flows of Matej CC for the year ended 30 April 2021? A.O B. 100 000 . C. 22 000 D. (22 000) Reset Selection Question 12 of 16 5.0 Points QUESTION 12 Which of the following alternatives represents the correct amount that must be disclosed as investment in fixed deposit in the cash flows from investing activities section according to direct method in the statement cash flows of Matej CC for the year ended 30 April 2021? . A. 100 000 . B. 0 . C. 22 000 @ D. (22 000) Reset Selection QUESTION 15 Which of the following alternatives represents the correct amount that must be disclosed as repayment of member's contributions in the cash flows from financing activities section according to direct method in the statement cash flows of Matej CC for the year ended 30 April 2021? A. (85000) B. 85 000 . CO D. (21 250) Reset Selection Question 16 of 16 50 Points QUESTION 16 Which of the following alternatives represents the correct amount that must be disclosed as repayment of long-term loans in the cash flows from financing activities section according to direct method in the statement cash flows of Matej CC for the year ended 30 April 2021? . A. (31 100) B. 31 100 C. D. 88 900 Reset Selection

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

ISE Computer Accounting With Quickbooks Online

Authors: Donna Kay

2nd Edition

1260590933, 9781260590937

More Books

Students also viewed these Accounting questions