Homework question: cash flows statement?

Posted on 2013-11-28 15:23:00 in Accounting by LAP FU

Super Company Statement of Financial Position 31 December

2012 / 2011

Assets

Cash 3,333,150 / 1,661,850

Accounts receivable 2,081,700 / 2,180,250

Inventory 6,496,200 / 6,768,900

Prepaid expense 407,700 / 459,000

Equipment 7,080,750 / 5,400,000

Accumulated depreciation — Equipment (2,990,250) / (2,565,000)

Total assets 16,409,250 / 13,905,000

Liabilities and Owners’ Equity

Accounts payable 479,250 / 2,754,000

Short-term notes payable 405,000 / 270,000

Long-term notes payable 2,700,000 / 2,092,500

Ordinary share, $5 face value 5,602,500 / 5,400,000

Share premium -- / 1,012,500

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Retained earnings 6,210,000 / 3,388,500

Liabilities and owners’ equity 16,409,250 / 13,905,000



Super Company Income Statement For the year ended 31 December 2012

Sales revenue

31,995,000

Cost of goods sold

16,065,000

Gross margin

15,930,000

Operating expenses:

Depreciation

1,042,200

Other operating expenses

9,796,950

Total operating expenses

10,839,150

5,090,850

Other gains and losses:

Loss on sale of equipment

56,700

Profit before tax

5,034,150

Income tax expense

495,450

Profit for the year

4,538,700



Additional information for 2012:

i Equipment costing $1,377,000, with accumulated depreciation of $616,950 was sold for $703,350; a loss of $56,700 was recognized on the sale.

ii Equipment was purchased during the year for $3,057,750, by paying $1,167,750 cash and the balance by issuing a long-term note.

iii $135,000 cash was received by signing a short-term note payable.

iv Long-term note was paid off for $1,282,500 cash.

v Cash was received by issuing 40,500 shares of ordinary shares for $30 each.

vi Cash dividends of $1,717,200 were declared and paid.



Thanks for yourhelp

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