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Star Ltd is a retailer which sells blankets. The following information is available for the year ended 31 August 2015:
Statement of financial position of Star Ltd as at 31 August 2015
2015
2014
R
Non-current assets:
Equipment
53000
27000
Current assets:
Inventory
4000
3800
Bank
21300
12300
25300
16100
Total assets
78300
43100
Equity:
Share capital: class A
33000
25000
Retained earnings
22500
55500
29000
Non-current liberties:
Long-term loans
15500
Current liabilities:
SARS (income tax)
3000
2100
Income received in advance
2200
1600
Trade payables
6400
7300
10100
Total equity and liabilities
Statement of comprehensive income of Star Ltd for the year ended 31 August 2015
Sales income
122000
Cost of sales expense
(43000)
Gross profit
79000
Net operating costs
(44000)
Operating profit
35000
Interest expense
(4200)
Profit before tax
30800
Taxation expense
(12300)
Net profit for year
18500
Additional information
1. Net operating costs reported on the statement of comprehensive income for the year ended 31 Augus 2015 included the following items:
Bad debts expense
2000
Wages expense
24000
Rent expense
10000
Depreciation expense
Profit on disposal of equipment
2. 20 000 Class A shares were issued for 50c each during the year. and share issue costs of R2 000 were incurred and paid during the year.
3. No dividends were declared during the year ended 31 August 2015.
4. During the year. Equipment with a carrying amount of R20 000 was sold.
5. The company raised loans of R14 000 during the year ended 31 August 2015. You are required to:
Prepare the cash flow statement of Star Ltd for the year ended 31 August 2015. Using the indirect method.
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