The financial statements of Plate Limited for the financial year 1 are as follows: Statement of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The financial statements of Plate Limited for the financial year 1 are as follows: Statement of Financial Position at 31 December Year 1 Sm ASSETS Non-Current Assets Intangible assets Tangible assets Financial assets Current Assets Inventories Trade Receivable Short-term investments Total current assets Total assets EQUITY AND LIABILITIES Ordinary shares capital Revaluation surplus Retained profits 净利润 Non-current liabilities Long-term bank loans Current liabilities Bank overdraft Trade payables Interest payables Tax payables Total current liabilities Total liabilities Total equity and liabilities Revenue Cost of goods sold Gross profit Distribution costs Administrative expenses Net profits before interest and tax 277 1,023 220 1,520 Interest Income Finance cost Profit before tax Taxation Profit for the period Retained profit as at 1 January Year 1 Dividend paid Retained profit as at 31 December Year 1 246 - 509 50 805 2.325 476 251 116 843 759 388 244 49 42 723 1,482 2.325 Sm 1,162 (866) 296 (47) (110) 139 79 (55) 163 Year 0 Sm (24) 139 26 (49) 116 234 600 200 1,034 128 335 30 493 The statement of profit or loss and other comprehensive income for the year ended 31 December Year 1 1.527 401 26 427 557 185 311 22 25 543 1,100 1.527 Other supplemental information: 1. The operating profit is after charging depreciation on the non-current asset of $22 million and amortization on the intangible non-current assets of $7 million. 2. During the year ended 31 December Year 1, plant and machinery costing $1,464 million, net book value of $244 million, was sold for $250 million. 3. During the year, some financial assets were written down by $15m to reflect the permanent diminution in value. Additional financial assets were purchased on 31 December Year 1 for $40m. Other financial assets were disposed of for a value of $50m during year. 4. During the year ended 31 December Year 1,25 million shares were issued at $3.0. Required: (a) Prepare the statement of cash flows for Plate Limited for the year ended 31 December Year 1, using indirect method. (b) Explain the treatment of depreciation charge and of the dividends paid. The financial statements of Plate Limited for the financial year 1 are as follows: Statement of Financial Position at 31 December Year 1 Sm ASSETS Non-Current Assets Intangible assets Tangible assets Financial assets Current Assets Inventories Trade Receivable Short-term investments Total current assets Total assets EQUITY AND LIABILITIES Ordinary shares capital Revaluation surplus Retained profits 净利润 Non-current liabilities Long-term bank loans Current liabilities Bank overdraft Trade payables Interest payables Tax payables Total current liabilities Total liabilities Total equity and liabilities Revenue Cost of goods sold Gross profit Distribution costs Administrative expenses Net profits before interest and tax 277 1,023 220 1,520 Interest Income Finance cost Profit before tax Taxation Profit for the period Retained profit as at 1 January Year 1 Dividend paid Retained profit as at 31 December Year 1 246 - 509 50 805 2.325 476 251 116 843 759 388 244 49 42 723 1,482 2.325 Sm 1,162 (866) 296 (47) (110) 139 79 (55) 163 Year 0 Sm (24) 139 26 (49) 116 234 600 200 1,034 128 335 30 493 The statement of profit or loss and other comprehensive income for the year ended 31 December Year 1 1.527 401 26 427 557 185 311 22 25 543 1,100 1.527 Other supplemental information: 1. The operating profit is after charging depreciation on the non-current asset of $22 million and amortization on the intangible non-current assets of $7 million. 2. During the year ended 31 December Year 1, plant and machinery costing $1,464 million, net book value of $244 million, was sold for $250 million. 3. During the year, some financial assets were written down by $15m to reflect the permanent diminution in value. Additional financial assets were purchased on 31 December Year 1 for $40m. Other financial assets were disposed of for a value of $50m during year. 4. During the year ended 31 December Year 1,25 million shares were issued at $3.0. Required: (a) Prepare the statement of cash flows for Plate Limited for the year ended 31 December Year 1, using indirect method. (b) Explain the treatment of depreciation charge and of the dividends paid.
Expert Answer:
Answer rating: 100% (QA)
Answer a Statement of Cash Flows for Plate Limited for the year ended 31 December Year 1 Operating A... View the full answer
Related Book For
International Financial Reporting And Analysis
ISBN: 9781473766853
8th Edition
Authors: David Alexander, Ann Jorissen, Martin Hoogendoorn
Posted Date:
Students also viewed these accounting questions
-
The financial statements of Milk River Ltd. follow: Additional information: 1. Equipment costing $24,000 was purchased with an $8,000 down payment and the remainder was financed with a note payable....
-
The financial statements of Wetaskiwin Ltd., a private company reporting under ASPE, follow: Additional information: 1. Short-term notes receivable are from loans to other companies. During the year,...
-
The financial statements of Milk River Ltd. follow: Additional information: 1. Equipment costing $24,000 was purchased with an $8,000 down payment and the remainder was financed with a note payable....
-
Refer to the RMO CSMS Order Fulfillment subsystem shown in Figure. Draw a use case diagram that shows all actors and all use cases. Use a drawing tool such as Microsoft Visio if it is available.
-
Moura Industries Inc. manufactures recreational vehicles. Moura uses a job order cost system. The time tickets from August jobs are summarized below. Job 410........$3,400 Job 411.......1,700 Job...
-
Capital Technologies Inc. began 2017 with inventory of $20,000. During the year, Capital purchased inventory costing $100,000 and sold goods for $140,000, with all transactions on account. Capital...
-
\(\frac{6 x^{-5}}{y^{-7}}\) Rewrite the expression without negative exponents.
-
Garcia Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had...
-
You have been the auditor of a construction company, Antler Ltd (Antler), for the past four years. Using Antler's pre-audit trial balance, you have calculated profitability ratios for year 2021. You...
-
Consider an economy described by the following equations: Consumption function: Disposable Income: Taxes Transfers: Investment: Government spending: Net Exports: C=200+0.75"DI DI=Y-T T=1200 1=900 GE...
-
Find the indicated limit. (t+36)(t-1)2 lim 13t-13 t-1+
-
As a hospital administrator, you hear some complaints and want to investigate whether the problem of stereotyping exists at your facility. How will you conduct the investigation? What will you do if...
-
a) b) Briefly describe the determination of bearing capacity based on the following methods: i) Standard Penetration Test ii) Analytical Methods approach (at least two methods that you have learnt)...
-
Prepare a bare total estimate for the given Masonry work using Standard Bricks. Joint thickness is in and brick size is 4 % x 24 x 9 3/8 inches. Include Scaffolding for bonus points! -30'- .8-.9 +3...
-
= Let {0,1} and consider the following context-free grammar: G = (V,E,R,S) where: V = {S,T} R is defined as: SOT T1 | e T 0SS1 and the following regular expression: (a) Prove that L(E) L(G) (b) Prove...
-
A 5 kg object is released, from rest, at a height of h = 3 Rmoon above the surface of the Moon, where Rmoon = 1740 km is the radius of the Moon. The mass of the Moon is 7.3 x 1022kg. (a) What is its...
-
Need help finding the mistakes and solve correctly. should be 5 mistakes.
-
How is use of the word consistent helpful in fraud reports?
-
On 1 January 20X4, Plastik acquired 80 per cent of the equity share capital of Subtrak. The consideration was satisfied by a share exchange of two shares in Plastik for every three acquired shares in...
-
In this chapter we read that, on the one hand, financial reporting standards are meant to prevent capital markets from breaking down due to less informed investors withdrawing from the market because...
-
The following information relates to Marchant plcs pension scheme: Required: Calculate the net costs to be recognized in the statement of profit or loss and other comprehensive income for the year...
-
Decentralization and Transfer Pricing The city of Medina Park operates a plumbing and electrical maintenance department, responsible for maintaining all water and electric service functions in...
-
Transfer Pricing The Leviathan Steel Company has a coal-mining subsidiary in West Virginia. A substantial amount of the coal produced by the subsidiary is used by Leviathan's steel foundries located...
-
Sarah Jones, the manager of the Teen Division of Eve Clothing Company, was evaluating the acquisition of a new embroidery machine. The budgeted operating income of the Teen Division was \(\$...
Study smarter with the SolutionInn App