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A company's statement of comprehensive income for the year to 31s December 2020 is shown below. The company's statement of financial position as at that date (with comparative figures for 2019) is also shown. Additional information pertaining to adjustments is disclosed as well. Required

A company's statement of comprehensive income for the year to 31s December 2020 is shown below. The company's statement of financial position as at that date (with comparative figures for 2019) is also shown. Additional information pertaining to adjustments is disclosed as well. Required

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 01 : A company's statement of comprehensive income for the year to 31“ December 2020 is shown below. The company's statement of financial position as at that date (with comparative figures for 2019) is also shown. Additional information pertaining to adjustments is disclosed as well. Required Prepare the Companies cash flow statement in accordance with IAS 7. Income Statement £000 Sales 1,504 Cost of Sales (774) Gross Profit 730 Administrative and Selling Expenses Interest Payable (450) (36) Other Income 44 288 (56) 232 Profit Before Tax Taxation Profit After Tax
Transcribed Image Text:Question 01 : A company's statement of comprehensive income for the year to 31“ December 2020 is shown below. The company's statement of financial position as at that date (with comparative figures for 2019) is also shown. Additional information pertaining to adjustments is disclosed as well. Required Prepare the Companies cash flow statement in accordance with IAS 7. Income Statement £000 Sales 1,504 Cost of Sales (774) Gross Profit 730 Administrative and Selling Expenses Interest Payable (450) (36) Other Income 44 288 (56) 232 Profit Before Tax Taxation Profit After Tax
2020 2019 Statement of Financial Position £00 £000 Assets Non-current assets Property, plant and equipment Investments 976 500 940 500 1,476 1440 Current assets Inventories Trade receivables 462 424 314 280 Cash at bank 30 772 2248 738 Total Assets 2,178 Equity Share capital Share premium account Retained eamings 440 400 140 120 1,062 890 1,642 1,410 Liabilities Non-current liabilities Long-term loans Current liabilities Trade payables Accrued interest payable 180 260 364 352 6 Тахation 56 110 Bank overdraft 46 606 768 Total Equity & Liabilities 2248 2,178 Additional Information 1. Administrative expenses included Depreciation of £ 140,000 2. There were no non current asset disposals during the year 3. The company paid an equity dividend of £ 60,000 during the year
Transcribed Image Text:2020 2019 Statement of Financial Position £00 £000 Assets Non-current assets Property, plant and equipment Investments 976 500 940 500 1,476 1440 Current assets Inventories Trade receivables 462 424 314 280 Cash at bank 30 772 2248 738 Total Assets 2,178 Equity Share capital Share premium account Retained eamings 440 400 140 120 1,062 890 1,642 1,410 Liabilities Non-current liabilities Long-term loans Current liabilities Trade payables Accrued interest payable 180 260 364 352 6 Тахation 56 110 Bank overdraft 46 606 768 Total Equity & Liabilities 2248 2,178 Additional Information 1. Administrative expenses included Depreciation of £ 140,000 2. There were no non current asset disposals during the year 3. The company paid an equity dividend of £ 60,000 during the year
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