Question
Jill Co Ltd's income statement for the year ended 31 December 2019 and statements of financial position at 31 December 2018 and 31 December 20189
Jill Co Ltd's income statement for the year ended 31 December 2019 and statements of financial position at 31 December 2018 and 31 December 20189 were as follows.
Jack Co Ltd's INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2019
$'000$'000
Sales 1440
Raw materials consumed 140
Staff costs 188
Depreciation 236
Loss on disposal of non-current asset36600
Operating profit840
Interest payable 56
Profit before tax784
Taxation 248
Profit for the year 536
Jack Co Ltd's STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER
2019 2018
$'000$'000
Non-current assets
Cost31923120
Depreciation(636)(448)
25562672
Current assets
Inventory4840
Trade receivables152116
Bank96112
296268
Total assets 28522940
Equity
Share capital720680
Share premium7248
Retained earnings14321028
22241756
Non-current liabilities
Long-term loans4001000
Current liabilities
Trade payables2412
Taxation204172
228184
Total equity and liabilities28522940
Additional information:
- Dividends paid were $132,000
- During the year, the company paid $180,000 for a new piece of machinery.
Required :
A statement of cash flows for Jill Co Ltd should be prepares for the year ended 31 December 2019 in accordance with the requirements of IAS 7
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Fundamentals of Cost Accounting
Authors: William N. Lanen, Shannon Anderson, Michael W Maher
6th edition
1259969479, 1259565408, 978-1259969478
