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WEEK 12 TUTORIAL QUESTIONS CASH FLOWS STATEMENT I BASED ON LECTURE 11 Due Date: Week 12 (GP - Wed, 18/10/17; CAB - Thu, 19/10/17) PRACTICAL QUESTION (20 marks) Fast Feet Couriers Limited's Balance Sheets as at 30 June 2016 and 2017 were as follows: Fast Feet Couriers Limited's Balance Sheet as at 30 June 2017 ASSETS Current Assets Cash Accounts Receivable Provision for Doubtful Debts Inventory Prepaid Insurance Non-Current Assets Land Buildings Accumulated Depreciation - Buildings Plant & Equipment Accumulated Depreciation - Plant & Equipment TOTAL ASSETS LIABILITIES AND OWNERS' EQUITY Liabilities Bank Overdraft Accounts Payable Accrued Wages (Wages Payable) Provisions - Other Operating Expenses Current Tax Payable Zero-coupon debenture (Non-Interest Bearing Loan) Owners' Equity Share Capital Asset Revaluation Reserve General Reserve Retained Profits Total Equity TOTAL LIABILITIES AND OWNERS' EQUITY 2016 $ $ 140,000 (21,000) 420,000 3,000 542,000 260,000 (20,000) 240,000 4,000 484,000 230,000 200,000 (75,000) 300,000 (70,000) 585,000 1,127,000 230,000 200,000 (50,000) 280,000 (45,000) 615,000 1,099,000 140,000 260,000 60,000 0 7,500 229,500 697,000 176,000 260,000 40,000 20,000 3,000 200,000 699,000 90,000 20,000 60,000 260,000 430,000 1,127,000 60,000 0 90,000 250,000 400,000 1,099,000 1 The company's Income Statements for the year ended 30 June 2017 and general ledger revealed the following information: Fast Feet Couriers Limited's Income Statement for the year ended 30 June 2017 $ Revenue Net Sales Cost of Goods Sold Gross Profit Other income Interest Gain on Sale of Equipment (Carrying Amount: $50,000) Expenses Wages Expense Other operating expenses Depreciation Expense - Buildings Depreciation Expense - Plant & Equipment Doubtful Debt Expense Insurance Expense Net Profit BeforeTax Income Tax Expense Net Profit After Tax $ 300,000 160,000 140,000 20,000 20,000 60,000 40,000 25,000 35,000 2,000 1,800 180,000 163,800 16,200 9,000 7,200 Additional Information: Fast Feet Couriers classifies interest as operating cash flow. Fast Feet Couriers issued $10,000 in bonus shares. The company measures its plant & equipment at fair value. 2 Required: Using the direct method, complete the schedule below. You are only required to prepare the \"Cash flows from Operating Activities\" part of the Cash Flow Statement for the year ended 30 June 2017 in accordance with AASB 107. You may use the reconstruction of the T-accounts or formula method or both. Show all workings. Cash Flows from Operating Activities: $ $ (5 marks) (11 marks) Net Cash generated/used from operations (0.5 marks) (1 mark) (2 marks) Net Cash Used in Operating Activities (0.5 marks) SHOW WORKINGS 3