Use the information provided below to prepare the Cash Flow Statement of Rolex Limited for the year ended 31December 2021.INFORMATIONThe following information was extracted from the records of Rolex Limited for the financial year ended 31 December2021.Additional informationAll purchases of inventories are on credit.The selling and administrative expenses include depreciation of R320 000.Property, plant and equipment were purchased during the year but there were no disposals.The total dividends for the year ended 31 December 2021 amounted to R360 000.The issued share capital consisted of 100 000 ordinary shares.The market price of the shares on 31 December 2021 was R35. ROLEX LIMITEDSTATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2021RSales4 140 000Cost of sales(2 020 000)Gross profit2 120 000Selling and administrative expenses(840 000)Operating profit1 280 000Interest expense(80 000)Profit before tax1 200 000Company tax(320 000)Profit after tax880 000STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER:ASSETS2021 (R)2020 (R)Non-current assets3740 0002 940 000Property, plant and equipment3 440 0002940 000Investments300 000Current assets1 080 000900 000Inventories480 000500 000Accounts receivable510 000320 000Cash and cash equivalents90 00080 000Total assets4 820 0003 840 000EQUITY AND LIABILITIESEquity3 120 0002 600 000Ordinary share capital2 000 0002 000 000Retained eamings1 120 000600 000Non-current liabilities800 000400 000Long-term loan800 000400 000Current liabities900 000840 000Accounts payable480 000560 000Company tax payable160 00080 000Dividends payable260 000200 000Total equity and labiliies4 820 0003 840 000

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Description: Use the information provided below to prepare the Cash Flow Statement of Rolex Limited for the year ended 31December 2021.INFORMATIONThe following information was extracted from the records of Rolex Limited for the financial year ended 31 December20

Cash Flow Statement There are mainly three segment of Cash flow statement. The details are given…

Business

Accounting

Use the information provided below to prepare the Cash Flow Statement of Rolex Limited for the year ended 31 December 2021. INFORMATION The following information was extracted from the records of Rolex Limited for the financial year ended 31 December 2021. Additional information All purchases of inventories are on credit. The selling and administrative expenses include depreciation of R320 000. : Property, plant and equipment were purchased during the year but there were no disposals. The total dividends for the year ended 31 December 2021 amounted to R360 000. The issued share capital consisted of 100 000 ordinary shares. The market price of the shares on 31 December 2021 was R35.

Use the information provided below to prepare the Cash Flow Statement of Rolex Limited for the year ended 31 December 2021. INFORMATION The following information was extracted from the records of Rolex Limited for the financial year ended 31 December 2021. Additional information All purchases of inventories are on credit. The selling and administrative expenses include depreciation of R320 000. : Property, plant and equipment were purchased during the year but there were no disposals. The total dividends for the year ended 31 December 2021 amounted to R360 000. The issued share capital consisted of 100 000 ordinary shares. The market price of the shares on 31 December 2021 was R35.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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