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The income statements and balance sheets for the years ended 30 September 2009 and 2008 of McAllister Ltd are shown below:
Year to
30 September
2009
30 September 2008
€'000
Sales
14,250
13,100
Cost of sales
(4,000)
(3,800)
Gross profit
10,250
9,300
Expenses
(6,330)
(5,400)
Operating profit
3,920
3,900
Interest payable
(600)
(780)
Profit before tax
3,320
3,120
Taxation
(1,280)
(1,030)
Profit after tax
2,040
2,090
2008
Property, plant and equipment
Cost
14,950
14,735
Depreciation
(4,300)
10,650
(3,500)
11,235
Current Assets
Inventory
2,000
1,555
Trade Receivables
2,300
1,650
Cash
80
-
4,380
3,205
Current liabilities
Trade and other payables
1,120
2,100
Bank Overdraft
250
120
1,240
2,430
Net current assets
3,140
775
Total assets less current liabilities
13,790
12,010
Long term loan
4,350
4,810
Net assets
9,440
7,200
Capital and Reserves
€1 ordinary shares
3,200
3,000
Retained profit
6,240
4,200
Notes:
Requirement:
a) Produce a cash flow statement for the year ended 30 September 2009, ensuring that the structure of your statement is in accordance with IAS7 and that you show your workings clearly.
b) There are two methods for the presentation of cash generated from operations. Describe the key features of each method and their relative advantages and disadvantages.
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