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l Zain JO 3:15 PM @ 66% X Exercises Using the indirect method of presenting cash flows from operating activities, prepare a statement of cash flows in accordance with IAS 7 for the year ended 31 December 2017. Exercise 17.15 PREPARATION OF A STATEMENT OF CASH FLOWS * * A summarised comparative statement of financial position of Bronze Inc. is presented below, together with a statement of profit or loss and other comprehensive income for the year ended 31 December 2017. 31 Dec 2016 31 Dec 2017 Cash $ 45 000 $ 35 000 Trade receivables 69 000 105 000 Allowance for doubtful debts (3 000) (6 000) Inventory 45 000 67 000 Investments 53 000 60 000 Plant 187 000 225 000 Accumulated depreciation (35 000) (53 000) $ 361 000 $433 000 Accounts payable $ 65 000 $ 75 000 Accrued interest 5 000 7 000 Current tax payable 15 000 18000 Deferred tax 30 000 37 000 Borrowings 80 000 100 000 Share capital 100 000 100 000 Investment revaluation reserve 2 000 7 000 Retained earnings 64 000 89 000 $ 361 000 $433 000 CHAPTER 17 Statement of cash flows 3 Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2017 Sales $ 1 035 000 Cost of sales (774 000) Gross profit 261 000 Distribution expenses (76 000) Administration expenses (96 000) Interest expense (7 000) Profit before tax 82 000 Income tax expense (24 000) Profit for the year 58 000 Other comprehensive income Gain on revaluation of investments (net of tax) 5 000 Total comprehensive income $ 63 000 Additional information (a) The movement in the allowance for doubtful debts for the year comprises: Balance at 31 December 2016 $ 3 000 Charge for year 5 000 Bad debts written off (2 000) Balance at 31 December 2017 6 000 (b) The investments are measured at fair value, with gains and losses recognised in other comprehensive income, and accumulated in the investment revaluation reserve. (c) There were no disposals of plant during the year. (d) A dividend of $33 000 was paid during the year. (e) There were no acquisitions or disposals of investments during the year. f) Bronze Inc. classifies interest as an operating activity. Required 1. Using the direct method of presenting cash flows from operating activities, prepare a statement of cash flows in accordance with IAS 7 for the year ended 31 December 2017. 2. Prepare the operating activities section of the statement of cash flows using the indirect method of presentation. Exercise 17.16 PREPARATION OF STATEMENT OF CASH FLOWS INFORMATION * * The statement of profit or loss and other comprehensive income and comparative statements of financial position of Braun GmbH are as follows: Braun GmbH Statement of Financial Position as at 31 December 2016 201