The following information is available in respect of Vegas plc for the last 2 years ended 31December.Non-current Assets (at Net Book Value)Current Assets:InventoryTrade receivablesCash at bankEquity and Liabilities:EquityShare capital £1Share premiumRevenue reserveVegas plc: Statement of Financial Position31.12.2021Non-current Liabilities:LoanCurrent Liabilities:Trade payablesTaxation (accrual)Operating profitTaxation£0003904628088142£0002,1009323.032900508521,8021,0002303.032274(156)118(87)3131.12.2020Vegas plc: Income Statement (Extract) for the year ended 31.12.2021£000DividendsRetained profit for the yearThe following information is also available:• There were no non-current asset disposals during the year.• Depreciation for the year was £240,000.£0002103465073137£0001,9756062.5817008211,5218502102.581Prepare, in a suitable format, the Statement of Cash Flow for Vegas plc for the year ended31.12.2021, presenting figures to the nearest thousand (£000).

Cash Flow Statement :— A cash flow statement explains the reasons for change in the cash and cash…

The following information is available in respect of Vegas plc for the last 2 years ended 31 December. Non-current Assets (at Net Book Value) Current Assets: Inventory Trade receivables Cash at bank Equity and Liabilities: Equity Share capital £1 Share premium Revenue reserve Vegas plc: Statement of Financial Position 31.12.2021 Non-current Liabilities: Loan Current Liabilities: Trade payables Taxation (accrual) Operating profit Taxation £000 390 462 80 88 142 £000 2,100 932 3.032 900 50 852 1,802 1,000 230 3.032 £000 274 (156) 118 (87) 31 31.12.2020 Vegas plc: Income Statement (Extract) for the year ended 31.12.2021 Dividends Retained profit for the year The following information is also available: • There were no non-current asset disposals during the year. • Depreciation for the year was £240,000. £000 210 346 50 73 137 £000 1,975 606 2,581 700 821 1,521 850 210 2.581 Prepare, in a suitable format, the Statement of Cash Flow for Vegas plc for the year ended 31.12.2021, presenting figures to the nearest thousand (£000).

The following information is available in respect of Vegas plc for the last 2 years ended 31 December. Non-current Assets (at Net Book Value) Current Assets: Inventory Trade receivables Cash at bank Equity and Liabilities: Equity Share capital £1 Share premium Revenue reserve Vegas plc: Statement of Financial Position 31.12.2021 Non-current Liabilities: Loan Current Liabilities: Trade payables Taxation (accrual) Operating profit Taxation £000 390 462 80 88 142 £000 2,100 932 3.032 900 50 852 1,802 1,000 230 3.032 £000 274 (156) 118 (87) 31 31.12.2020 Vegas plc: Income Statement (Extract) for the year ended 31.12.2021 Dividends Retained profit for the year The following information is also available: • There were no non-current asset disposals during the year. • Depreciation for the year was £240,000. £000 210 346 50 73 137 £000 1,975 606 2,581 700 821 1,521 850 210 2.581 Prepare, in a suitable format, the Statement of Cash Flow for Vegas plc for the year ended 31.12.2021, presenting figures to the nearest thousand (£000).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

1. Information on an entity's defined benefit obligation is as follows Present value of defined benefit obligation, lan 1 130,000 Present value of defined obligation, Dec. 31 110,600 Discount rate 12% Benefits paid to retirees 110,000 Actuarial loss 50,000 How much is the current service cost? O r000 O s000 O B0,000 O 25,000
Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet As of December 31 Year 7 Year 6 Current Assets Cash and cash equivalents $ 634,527 $ 335,597 Marketable securities 166,106 187,064 Accounts receivable (net) 284,226 318,010 Inventories 466,942 430,249 Prepaid expenses 60,906 28,060 Other current assets 83,053 85,029 Total Current Assets 1,695,760 1,384,009 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,647,980 $2,434,430 Current Liabilities Short-term borrowings $ 306,376 $ 170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 279,522 314,883 Accrued liabilities 301,024 183,681 Income taxes payable 107,509 196,802 Total Current Liabilities 1,149,431…
The following data are taken from the records of Grouper Company. Cash Current assets other than cash Long-term debt investments Plant assets Accumulated depreciation Current liabilities Bonds payable Common stock Retained earnings Additional information: 1. 2. 3. 4. 5. December 31, December 31, 2025 2024 $15,100 84,300 10,000 334,300 $443,700 $20,100 39,900 74,800 255,400 53,500 $443,700 $8,000 60,600 52,500 214,900 $336,000 $40,400 21,800 -0- 255,400 18,400 $336,000 Held-to-maturity debt securities carried at a cost of $42,500 on December 31, 2024, were sold in 2025 for $34,300. The loss (not unusual) was incorrectly charged directly to Retained Earnings. Plant assets that cost $50,300 and were 80% depreciated were sold during 2025 for $8,000. The loss was incorrectly charged directly to Retained Earnings. Net income as reported on the income statement for the year was $57,100. Dividends paid amounted to $11,740. Depreciation charged for the year was $19,940.
n its CASH BASIS income statement for the year ended June 30, 2020, Selena Corp. reported revenue of $142,000 (i.e., total cash receipts from sales). Additional information was as follows: Accounts receivable June 30, 2019 $40,000 Accounts receivable June 30, 2020 $45,600 Under the ACCRUAL basis, Selena Corp. should report sales revenue of A. $147,600 B. $102,000 C. $182,000 D. $136,400
Prepare an unclassified balance sheet as it would appear at December 31, 2025. (List Assets in order of liquidity Enter account name only and do not provide the descriptive information provided in the question) (c2) MARTINEZ INC. Balance Sheet Current cash debt coverage ratio Cash debt coverage ratio Assets Liabilities and Stockholders' Equity V $ Compute two cash flow ratios. (Round ratios to 2 decimal places, ex. 0.621) 1 1
The current assets and liabilities sections of the comparative balance sheets of Regent Inc., a private entity reporting under ASPE, at December 31 are presented below, along with the income statement: REGENT INC. Comparative Balance Sheet Accounts 2024 2023 Cash $27,720 $29,400 Accounts receivable 17,920 11,480 Inventory 9,100 12,880 Prepaid expenses 2,100 1,624 Accounts payable 12,040 10,080 Accrued expenses payable 1,400 2,240 Dividends payable 6,720 4,760 Income tax payable 1,904 3,304 REGENT INC. Income Statement Year Ended October 31, 2024 Sales $175,000 Cost of goods sold 109,200 Gross profit 65,800 Operating expenses $24,640 Depreciation expense 6,440 Loss on sale of equipment 2,240 33,320 Profit before income tax 32,480 Income tax expense 8,120 Profit for the year $24,360 Instructions Prepare the operating section of the cash flow statement using the direct method.
Based on the above information, analyze the changes in the company's profitability and liquidity, in addition to the management of accounts receivable and inventory from 2022 to 2024. (Round answers to 1 decimal place, eg 13.5% or 13.5.) 2023 Sales Cost of goods sold Gross margin Other expenses Income taxes Net income Current ratio Quick ratio A/R turnover Average collection period Inventory turnover Days to sell inventory Debt to equity Return on assets 2022 Return on equity % 2022 % % 2022 :1 :1 times days times days 56 2023 % % % 2023 times days times days 2024 Based on the above information, analyze the company's use of leverage from 2022 to 2024. (Round answers to 1 decimal place, eg 15.1%) % 2024 % % % 2024
What does the vertical analysis reveal on ABC Corporation in terms of Statement of Financial Position
Q2. The following information has been extracted from the draft financial statements of Moba limited.. MOBA LIMITED STATEMENTS OF FINANCIAL POSITION AS AT 31 JUNE 2021 2022 Non-current assets Current assets Inventory Trade receivables Bank Total assets Equity and liabilities Equity Ordinary share capital Share premium Retained earnings Non-current liabilities 10% Loan note (redeemable 31 June 2022) Current liabilities Trade payables Taxation Bank overdraft Operating profit Interest payable Profit before taxation K'000 Taxation 450 180 58 580 360 0 K'000 Κ'000 4,600 940 5.540 3,500 300 1,052 4,852 0 688 5.540 Additional information (a) The statement of profit or loss for the year ended 31 June 2022 shows the following. 500 230 170 K'000 Profit for financial year (b) During the year dividends paid were K270,000. (c) Profit before taxation had been arrived at after charging K700,000 for depreciation on DANCON assets. (d) During the year non-current assets with a net book value of K200,000…
Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet As of December 31 Year 7 Year 6 Current Assets Cash and cash equivalents $ 634,527 $ 335,597 Marketable securities 166,106 187,064 Accounts receivable (net) 284,226 318,010 Inventories 466,942 430,249 Prepaid expenses 60,906 28,060 Other current assets 83,053 85,029 Total Current Assets 1,695,760 1,384,009 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,647,980 $2,434,430 Current Liabilities Short-term borrowings $ 306,376 $ 170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 279,522 314,883 Accrued liabilities 301,024 183,681 Income taxes payable 107,509 196,802 Total Current Liabilities 1,149,431…
IKIBAN INCORPORATED Comparative Balance Sheets 2021 At June 30 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation Equipment Total assets Notes payable (long term) Total liabilities. Equity Common stock, $5 par value Retained earnings. Total liabilities and. equity Liabilities and Equity) Accounts payable Wages payable Income taxes payable. Total current liabilities 39,200 Sales Cost of goods sold. Gross profit $ 105,100 71,000 67,800 4,800 248,700 128,000 (29,000) $ 347,700 Cash flows from operating activities $ 29,000 6,400 3,800 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Operating expenses (excluding depreciation) Depreciation expense: Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Cash flows from investing activities 228,000 46,500 $ 347,700 Cash flows from financing activities Net increase (decrease) in cash Cash balance at prior year-end…
K. Jackson Corporation Assets Cash Accounts receivable Inventory Net fixed assets Total assets Liabilities and owners' equity. Accounts payable ST Notes payable Long-term debt Owners' Equity Total liabilities and owner's equity Balance Sheet $250,000 450.000 500,000 2.100,000 $3,300.000 $100.000 450.000 1,050,000 1,700.000 $3,300,000 Income Statement Sales (all credit) Cost of goods sold Operating expense Interest expense Income taxes Net income $8,000,000 (4.000.000) (2,900,000) (150,000) (380,000) $570,000 Based on the information for K. Jackson Corporation, the current and acid-test ratios are, respectively. OA2.37 and 1.39. OB2 37 and 1.27 OC2 18 and 1.39 OD.2 18 and 1.27 OE None of the above.