B. The comparative statements of financial position of SearchNoMore Bhd (SNMB) for the year 2020 are as follows: SearchNoMore Bhd Statement of Financial Position As at 31 December 2020 2020 2019 RM RM Cash 182,000 40,000 Accounts Receivable 180,000 130,000 Inventories 124,000 116,000 Prepayments 24,000 20,000 Land 180,000 160,000 Plant 640,000 560,000 Accumulated Depreciation (184,000) (120,000) Total Assets 1,146,000 906,000 90,000 Accounts Payable 96,000 Bоrowings 400,000 320,000 Share Capital 460,000 400,000 Retained Earnings 190,000 96,000 Total Equity and Liabilities 1,146,000 906,000 Additional information: 1. There were no disposals of land or plant during the year. 2. RM60,000 of borrowing was settled through the issue of ordinary shares. There were no other repayments of borrowings. 3. Profit after tax for the year was RM240,000, interest expense was RM28,000 and income tax expense was RM82,000. There were no items of other comprehensive income. 4. RM146,000 of dividend was paid during the year. 5. Sales revenue for the year was RM600,000. There was no other revenue.

B. The comparative statements of financial position of SearchNoMore Bhd (SNMB) for the year 2020 are as follows: SearchNoMore Bhd Statement of Financial Position As at 31 December 2020 2020 2019 RM RM Cash 182,000 40,000 Accounts Receivable 180,000 130,000 Inventories 124,000 116,000 Prepayments 24,000 20,000 Land 180,000 160,000 Plant 640,000 560,000 Accumulated Depreciation (184,000) (120,000) Total Assets 1,146,000 906,000 90,000 Accounts Payable 96,000 Bоrowings 400,000 320,000 Share Capital 460,000 400,000 Retained Earnings 190,000 96,000 Total Equity and Liabilities 1,146,000 906,000 Additional information: 1. There were no disposals of land or plant during the year. 2. RM60,000 of borrowing was settled through the issue of ordinary shares. There were no other repayments of borrowings. 3. Profit after tax for the year was RM240,000, interest expense was RM28,000 and income tax expense was RM82,000. There were no items of other comprehensive income. 4. RM146,000 of dividend was paid during the year. 5. Sales revenue for the year was RM600,000. There was no other revenue.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Calculate the leverage ratio which includes total debt to total assets ratio, equity multiplier,…

A: Total Debts to Assets ratio = Long term debt + Short term DebtTotal Assets Equity Multiplier = Total…

Q: Calculate the Efficiency ratio which includes the sales to total assets ratio, operating return on…

A: The efficiency ratio is one of the most important measure to understand how well the company has…

Q: 1. The following information is from Direct to You Corp.’s (DYC) financial records for its year…

A: Cash flow from investing activities includes sale/purchase of PPE, investments, intangible assets,…

Q: Following are the extracts from the Balance Sheets of a Company 31st December 2019 and 31st December…

A: Fund from operationsFund from operations represents source of funds, Net profits as shown through…

Q: Calculate operating EPS and Gearing for the year 2018 and 2019

A: Operating earnings per share (EPS) can be defined as the per share net earnings of the company for…

Q: Prepare a COMPLETE statement of cash flows for G. Be sure to label your section answers as provided…

A: In order to understand a company's liquidity and financial health, it is important to understand its…

Q: Hassan Corporation’s comparative balance sheets are presented below. HASSAN CORPORATION…

A: This statement shows the liquidity position of one company.

Q: ATC's common-size income statement for 2020 would report cost of goods sold as: a) Up by 5.3% b)…

A: Common size statement: It implies a financial statement trend analysis technique that reflects the…

Q: Duolever reported net income of $ 83,000 for 2020. Included in the income statement were…

A: Net Cash provided by operating activities means cash flow generated by operational activities. The…

Q: II. In 2020, Cane Manufacturing has CAPX of $140,000, Depreciation of $55,000, and EBIT of $480,000.…

A: The money you have on hand to meet your immediate, urgent requirements is known as working capital.…

Q: B. The comparative statements of financial position of SearchNoMore Bhd (SNMB) for the year 2020 are…

A: The statement of cash flows is an important financial document that illustrates all of the…

Q: Rodriquez Corporation’s comparative balance sheets are presented below: RODRIQUEZ CORPORATION…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: Compute the following ratios for 2021 and 2022. (Round profit margin, gross profit rate and…

Q: Five year financial summary 2016 $M 2017 $M 2018 $M 2019 $M 2020 $M Income statement Gross property…

A: The company's income statement is prepared for arriving at the profits generated by the company…

Q: resented below are data taken from the records of Shamrock Company. December 31, 2020…

A: The question is based on the concept of Cash flow statement. Cash flow statement is the statement…

Q: The 2020 Annual Report of Sheffield International contains the following information. (in millions)…

A: Asset turnover ratio is a type of ratio that shows the total sales of a company as a time of the…

Q: 10. Doric Co. reported the following items on its 2025 financial statements: View the items.…

A: Step 1: Calculation of average total assets.Average total assets = (Total assets beginning + Total…

Q: Suppose you collected the following information of ABC corp. from the financial statements published…

A: Free Cash Flow (FCF) is a critical financial metric that measures the amount of cash generated or…

Q: Using the information from question 1, calculate the current ratio for 2018 and 2019 respectively:…

A: Current ratio for 2018= Current AssetsCurrent Liabilities= $101,600$33,650=3.02

Q: Working Capital Working Capital Working Capital = Current Ratio = Current Ratio = Current Assets -…

A: Ratio Analysis There are different ratio which are available for which is used to calculate the…

Q: Consider the following information from the Income Statement of Production Ltd. on 31st December…

A: CASH FLOW STATEMENTCash flow statement is additional information to user of financial statement.…

Question

100%

B. The comparative statements of financial position of SearchNoMore Bhd (SNMB) for the
year 2020 are as follows:
SearchNoMore Bhd
Statement of Financial Position
As at 31 December 2020
2020
2019
RM
RM
Cash
182,000
40,000
130,000
Accounts Receivable
180,000
Inventories
124,000
116,000
Prepayments
24,000
20,000
Land
180,000
160,000
Plant
640,000
560,000
(120,000)
906,000
Accumulated Depreciation
(184,000)
Total Assets
1,146,000
Accounts Payable 96,000
Borrowings
Share Capital
90,000
400,000
320,000
460,000
400,000
96,000
906,000
Retained Earnings
190,000
Total Equity and Liabilities
1,146,000
Additional information:
1. There were no disposals of land or plant during the year.
2. RM60,000 of borrowing was settled through the issue of ordinary shares. There were
no other repayments of borrowings.
3. Profit after tax for the year was RM240,000, interest expense was RM28,000 and
income tax expense was RM82,000. There were no items of other comprehensi ve
income.
4. RM146,000 of dividend was paid during the year.
5. Sales revenue for the year was RM600,000. There was no other revenue.
REQUIRED:
Prepare the Statement of Cash Flows for SNMB for the year ended 31 December 2020
using indirect method in accordance to MFRS 107 State ment of Cash Flows.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Barakah Company Balance Sheet as at 31st December 2019 Financed by: Fixed Assets (net after depreciation) 2$ $ Paid-up: Share Capital Retained Earnings Reserves 350,500 200,500 150,000 50,000 Land & Buildings 600,000 155,500 75,000 830,500 Equipment Vehicles Fixtures & Fittings Long Term Liabilities 25,000 751,000 Current Assets 125,000 Accounts Receivable 215,000 10,000 110,000 20,000 1,231,000 Inventory Current Other payables Trade creditors Liabilities 100,000 245,500 Prepayments Cash at Bank Cash in Hand Accrued expense 30.000 375,500 1,231.000 Additional Information: i) Work-in-Progress is one sixth of the total Inventory. Prepayments is related to rental of buildings. ii) ii) Bad Debts is 5% for the year. iv) Non Muslim ownership is at 20%. Required: Determine the zakat base and due for the company using: (a) Net Current Assets method; and (b) Net Invested Fund Method.
Comparative data from the statement of financial position of Munchies Ltd. are shown below. Current assets Property, plant, and equipment Goodwill Total assets Current assets Property, plant, and equipment Total assets 2021 $1,519,000 2021 3,114.000 $4.730,000 % %6 97,000 2020 $1,164.000 2,827,000 107,000 $4,098,000 Using horizontal analysis, calculate the percentage of the base-year amount, using 2019 as the base year. (Round answers to 1 decimal place, e.g. 52.7%) 2020 2019 % $1,227,000 2.871,000 -0- $4,098,000 2019
The comparative balance sheets for Naomi Corporation show the following information: 2021 2020 Cash $24,400 $20,700 Accounts receivable, net 43,300 20,300 Inventory 40,000 42,000 Investments 20,000 15,000 Building 160,000 100,000 Accumulated depreciation – building (27,700) (20,000) Equipment 61,500 50,000 Accumulated depreciation - equipment (10,000) (17,500) Total $311,500 $210,500 Accounts payable $17,000 $26,500 Salaries payable 21,000 17,000 Long-term notes payable 100,000 50,000 Common stock 110,000 90,000 Retained earnings 63,500 27,000 Total $311,500 $210,500 Additional data related to 2021 are as follows: $10,000 of the long-term note payable was paid by cash. Equipment that had cost $15,000 and had accumulated…
Use the following data to determine the total dollar amount of assets to be classified as long-term investments. Ace Supply Company Balance Sheet December 31, 2025 Cash Accounts receivable Inventory Short-term investments Land (held for future use) Land Buildings Less: Accumulated depreciation (60,000) Franchise Total assets O $255,000 O $0 $339,000 O $465,000 O $585.000 $ 126,000 120,000 210,000 90.000 255.000 285,000 210.000 $1.575.000 Accounts payable Salaries and wages payable Note payable (due 2028) Total liabilities Common stock Retained: earnings Total stockholders' equity Total liabilities and stockholders' equity 279,000 $ 165,000 30,000 270.000 465,000 360,000 750,000 1.110.000 $1.575.000
FILLING IN THE RATIOS .. THE LEFT SIDE IS 2019 THE RIGHT SIDE IS 2020 IN THE IMAGE. Jergan CorporationBalance SheetsDecember 31 2020 2019 2018 Cash $ 30,800 $ 17,600 $ 18,700 Accounts receivable (net) 50,500 44,200 47,100 Other current assets 89,600 94,900 63,900 Investments 55,300 71,000 45,100 Plant and equipment (net) 500,500 370,000 358,500 $726,700 $597,700 $533,300 Current liabilities $85,500 $79,800 $69,400 Long-term debt 144,300 84,100 50,300 Common stock, $10 par 348,000 316,000 304,000 Retained earnings 148,900 117,800 109,600 $726,700 $597,700 $533,300 Jergan CorporationIncome StatementFor the Years Ended December 31 2020 2019 Sales revenue $738,000 $605,500 Less: Sales returns and allowances 39,100 29,900 Net sales 698,900…
The comparative balance sheet of Best Buy for January 31, 2020 and 2019, is shown as follows (values are in millions): Best Buy Comparative Balance Sheet For January 31, 2020 and 2019 $In militans Jan 31, 2020 Jan 31, 2019 Assets Cash Accounts recelvable Inventory Investments Land Equlpment Accumulated depreciation - Equipment Total assets 2,229 S 1,980 1,149 5,174 $ 1,015 5,409 500 650 S 637 9,228 S (6,900) S 9,200 (6,690) 11,530 S 12,051 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable (operating expenses) Dividends payable Common stock 5,288 906 S 5,257 982 564 564 26 27 Pald in capital: Excess of Issue price over par - common stock Retalned earnings Total liabilities and stockholders' equlty 4,745 S 11,530 $ 5,221 12,051 Additional data obtained from an examination of the accounts in the ledger for 2020 are as follows: a. The investments were sold for $875 million cash. b. Equipment and land were acquired for cash. c. There were no disposals of…