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Please do asap. Need help!!! 1. Zip Ltd has provided you with the following financial statements: Statement of Financial Position as at 31 December ($000)
Please do asap. Need help!!!
1. Zip Ltd has provided you with the following financial statements: Statement of Financial Position as at 31 December ($000) 2019 2018 Non-Current Assets: Property, Plant and Equipment 1140 915 Intangible assets 750 600 Investments 75 1890 1590 450 306 940 Current Assets: Inventories Receivables Prepayments Short term investments Cash in hand 1160 10 5 5 150 6 12 1776 1254 TOTAL ASSETS 3666 2844 Capital and reserves: Share Capital ($1 each) Share Premium 600 450 480 450 Revaluation reserve 300 273 500 330 Retained Earnings Non-Current Liabilities: Long term loan 510 150 Current Liabilities: Trade Payables 370 350 Accruals 11 7 280 210 Dividend payable Bank Overdraft 255 294 Taxation 360 330 TOTAL EQUITY AND LIABILITIES 3666 2844 Zip Ltd's Income Statement for the year ended 31 December 2019. $ 000 Turnover 7659 Cost of Sales (5442) Gross Profit 2217 Other Income: Rent received 75 Distribution cost (375) Administration cost (792) Finance cost (225) Profit before Tax 900 Taxation (420) Profit for the year 480 The following information is available: The proceeds for the sale of non-current asset investments amounted to $90,000. ii. Property, plant and equipment with an original cost of $255, 000 and a net book value of $135,000 were sold for $96,000 during the year iii. The following information relates to property, plant and equipment: 31.12.19 31.12.18 $000 $000 Cost 2160 1785 Accumulated Depreciation 1020 1140 870 915 iv. V. 150,000 $1 ordinary shares were issued during the year at a premium of $0.20 per share. The short term investments are highly liquid and are close to maturity An interim dividend of $ 0.05 per share were paid during the year following the issue of shares. vi. REQUIRED: Prepare a Cash Flow Statement for the year ended 31 December 2019. (20 marks)Step by Step Solution
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