Statement of Comprehensive Income for the year ended 31 December 2018 $,000 Revenue Cost of sales Gross profit Other expenses Finance costs Profit before tax Income tax expenses Profit for the year Other comprehensive income Gain on revaluation of property, plant & equipment Total comprehensive income for the year (ii) (iii) (iv) 1476 (962) 514 (157) (15) 342 ● (162) 180 Additional information: During 2018, amortisation of $60,000 was charged on development projects. During 2018 items of property, plant and equipment with a carrying amount of $103,000 were sold for $110,000. Profit on sale was netted off against other expenses'. Depreciation charged in the year on property, plant and equipment totalled $57,000. Altamont acquired $56,000 of property, plant and equipment by means of leases, payments being made in arrears on the last day of each accounting period. 100 280 The current asset investments are government bonds and management has decided to class them as cash equivalents. The new debentures were issued on 1 April 2017. Finance cost includes debenture interest and lease finance charges only. During the year Altamont made a 1 for 8 bonus issue, capitalising its retained earnings, followed by a rights issue. Required (a) Prepare a statement of cash flows for Altamont in accordance with IAS 7 using the indirect method.
Statement of Comprehensive Income for the year ended 31 December 2018 $,000 Revenue Cost of sales Gross profit Other expenses Finance costs Profit before tax Income tax expenses Profit for the year Other comprehensive income Gain on revaluation of property, plant & equipment Total comprehensive income for the year (ii) (iii) (iv) 1476 (962) 514 (157) (15) 342 ● (162) 180 Additional information: During 2018, amortisation of $60,000 was charged on development projects. During 2018 items of property, plant and equipment with a carrying amount of $103,000 were sold for $110,000. Profit on sale was netted off against other expenses'. Depreciation charged in the year on property, plant and equipment totalled $57,000. Altamont acquired $56,000 of property, plant and equipment by means of leases, payments being made in arrears on the last day of each accounting period. 100 280 The current asset investments are government bonds and management has decided to class them as cash equivalents. The new debentures were issued on 1 April 2017. Finance cost includes debenture interest and lease finance charges only. During the year Altamont made a 1 for 8 bonus issue, capitalising its retained earnings, followed by a rights issue. Required (a) Prepare a statement of cash flows for Altamont in accordance with IAS 7 using the indirect method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Non-current assets
Property, plant and equipment
Development Expenditure
Current assets
Inventories
Trade receivables
Investments
Cash
Total assets
Equity
Share capital-$1 Ordinary shares
Share premium
Revaluation surplus
Retained Earnings
Non-Current liabilities
12% Debentures
Finance Lease Liabilities
Deferred Tax
Current Liabilities
Trade payables
Finance Lease Liabilities
Current Tax
Debenture interest
Bank overdraft
Total equity and liabilities
2018
$'000
925
290
1,215
360
274
143
29
806
2021
500
350
160
229
1,239
150
100
48
298
274
17
56
132
484
2,021
2017
$'000
737
160
897
227
324
46
117
714
1611
400
100
60
255
815
100
80
45
225
352
12
153
54
571
1,611
Transcribed Image Text:Statement of Comprehensive Income for the year ended 31 December 2018
$,000
Revenue
Cost of sales
Gross profit
Other expenses
Finance costs
Profit before tax
Income tax expenses
Profit for the
year
Other comprehensive income
Gain on revaluation of property, plant & equipment
Total comprehensive income for the year
(i)
(ii)
(iii)
(iv)
(v)
1476
(962)
514
•
(157)
(15)
342
(162)
180
Additional information:
During 2018, amortisation of $60,000 was charged on development projects.
During 2018 items of property, plant and equipment with a carrying amount of
$103,000 were sold for $110,000. Profit on sale was netted off against other
expenses'. Depreciation charged in the year on property, plant and equipment
totalled $57,000. Altamont acquired $56,000 of property, plant and equipment by
means of leases, payments being made in arrears on the last day of each
accounting period.
100
280
The current asset investments are government bonds and management has decided
to class them as cash equivalents.
The new debentures were issued on 1 April 2017. Finance cost includes debenture
interest and lease finance charges only.
During the year Altamont made a 1 for 8 bonus issue, capitalising its retained
earnings, followed by a rights issue.
Required
(a) Prepare a statement of cash flows for Altamont in accordance with IAS 7 using the
indirect method.
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