QUESTION 3 (20) REQUIRED Study the information provided below and prepare the Cash Flow Statement of Steers Limited for the year ended 31 December 2019. INFORMATION Steers Limited Statement of Comprehensive Income for the year ended 31 December 2019 Sales 3105 000 Cost of sales (1 515 000 Gross profit 1590 000 Selling and administrative expenses 1630 000 Operating profit 960 000 Interest expense (60 000 Profit before tax 900 000 Tax (240 000 Profit after tax 660 000 Statement of Financial Position as at 31 December: 2019 IRI 2014 (8) Assets Non-current assets 2805 000 2 205 000 Land and buildings 1 650 000 1410000 Plant and machinery 930 000 795 000 Investments 225 000 Current assets 810 000 675 000 Inventories 360 000 375 000 Accounts receivable 382 500 200 000 Cash and cash equivalents 67 500 60 000 Total assets 3615 000 2880 000 2019 IR 2018 (R) Equity and liabilities Equity Ordinary share capital Retained earnings Non-current liabilities Current liabilities Accounts payable Income tax payable Dividends payable Total equity and liabilities 2 340 000 1 500 000 840 000 600 000 675 000 360 000 120 000 195 000 3615 000 1950 000 1 500 000 450 000 300 000 630 000 420 000 60 000 150 000 2880 000 36 PROGRAMME HANDBOOK: JULY 2020 INTAKE MANCOSA: ADVANCED DIPLOMA IN BUSINESS MANAGEMENT 37 Additional Information Selling and administrative expenses include depreciation on the following non-current assets: Building 90 000 Plant and machinery 150 000 Property, plant and equipment were purchased during the year but there were no disposals. Total dividends for the year ended 31 December 2019 amounted to R270 000 750 000 ordinary shares were issued by the company All purchases and sales of inventories are on credit