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Question - Caltrick Ltd is involved in manufacturing swimming pool accessories. Caltrick Ltd's statement of financial positions for the years ended 30 June 2015 and 30 June 2016 are presented below.
2016 ($000)
2015 ($000)
Assets
Cash
166
-
Accounts receivable
54
52
Property, plant and equipment
156
120
Accumulated depreciation-property, plant and equipment
(36)
(20)
Inventory
92
Total assets
432
204
Liabilities
Bank overdraft
40
Accounts payable
60
Accrued wages
20
16
Provision for annual leave
8
12
Loans
Total liabilities
148
128
Net assets
284
76
Represented by:
Shareholders' funds
Share capital (ordinary shares)
140
Revaluation surplus
28
Retained earnings
116
48
Total shareholders' funds
The statement of comprehensive income (extract) of Caltrick Ltd for the year ended 30 June 2016 is:
Revenues
Sales
152
Interest (no interest receivable at year end)
4
Profit on sale of property (which had a carrying amount of $20 000)
Expenses
Cost of goods sold
(40)
Depreciation
Wages
Employees annual leave
(16)
Profit for the year
68
INTEREST AND DIVIDENDS ARE CONSIDERED IN OPERATING ACTIVITIES IN ACCORDANCE WITH AASB107.
Required - Prepare a statement of cash flows using the direct method for Caltrick Ltd for the year ended 30 June 2016. Comparatives are not required. Ignore tax effects year-end.
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