Question
The financial statements for Waverley Ltd are provided below: Waverley Ltd Comparative Balance Sheet As at 30 June 2019 and 2020 2019 2020 Assets Cash
The financial statements for Waverley Ltd are provided below:
Waverley Ltd
Comparative Balance Sheet
As at 30 June 2019 and 2020
2019 | 2020 | |
Assets | ||
Cash At Bank | 167,000 | 215,000 |
Accounts Receivable | 213,000 | 158,000 |
Inventory | 68,000 | 73,000 |
Prepaid Rent | 4,000 | 5,000 |
Buildings | 320,000 | 350,000 |
Accumulated Depreciation Buildings | (108,000) | (132,000) |
Equipment | 67,000 | 78,000 |
Accumulated Depreciation Equipment | (25,000) | (26,000) |
706,000 | 721,000 | |
Liabilities | ||
Accounts Payable | 236,000 | 228,000 |
Dividend Payable | 12,000 | 13,000 |
Salary Payable | 18,000 | 20,000 |
Tax Payable | 16,000 | 17,000 |
Bank Loan | 158,000 | 171,000 |
440,000 | 449,000 | |
Equity | ||
Capital | 170,000 | 164,000 |
Retained Earnings | 96,000 | 108,000 |
266,000 | 272,000 |
Waverley Ltd
Income Statement
For the Year Ended at 30 June 2020
Sales | 1,000,000 | |
COGS | (450,000) | |
Gross Profit | 550,000 | |
Profit on sale of Equipment | 2,000 | |
Rent | 42,000 | |
Salary | 400,000 | |
Interest | 12,000 | |
Depreciation Expense Buildings | 13,000 | |
Depreciation Expense Equipment | 15,000 | |
(482,000) | ||
Net Profit before Tax | 70,000 | |
Less Taxation expense | (21,000) | |
Net Profit | 49,000 |
Required:
Prepare an extract of the Cash Flow Statement for the year ended 30 June 2020 showing Cash Flows from Operating Activities AND Cash Flows from Financing Activities. Show all workings.
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