Prepare a statement of cash flows using direct method

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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

52

Total assets

432

204

Liabilities



Bank overdraft

-

40

Accounts payable

60

60

Accrued wages

20

16

Provision for annual leave

8

12

Loans

60

-

Total liabilities

148

128

Net assets

284

76

Represented by:



Shareholders' funds



Share capital (ordinary shares)

140

20

Revaluation surplus

28

8

Retained earnings

116

48

Total shareholders' funds

284

76

The statement of comprehensive income (extract) of Caltrick Ltd for the year ended 30 June 2016 is:


2016 ($000)

Revenues


Sales

152

Interest (no interest receivable at year end)

4

Profit on sale of property (which had a carrying amount of $20 000)

8

Expenses


Cost of goods sold

(40)

Depreciation

(20)

Wages

(20)

Employees annual leave

(16)

Profit for the year

68

INTEREST AND DIVIDEND ARE CONSIDERED IN OPERATING ACTIVITIES IN ACCORDANCE WITH AASB107.

Required - Prepare a statement of cash flows using direct method for Caltrick Ltd for the year ended 30 June 2016. Comparatives are not required. Ignore tax effects.

Reference no: EM133168943

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