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Assignment
Centurion Ltd
Information extracted from the Statement of Comprehensive Income for the year ended 31 December 2015 and 2014:
2015(R)
2014(R)
Sales
1 856 000
1 200 000
Cost of sales
(1 280 000)
(750000)
Gross profit
576 000
450 000
Operating expenses
(291 200)
(212 000)
Depreciation
30 000
26 000
Other operating expenses
261 200
186 000
Operating profit
284 800
238 000
Interest on mortgage loan
(24 000)
(72 000)
Net profit before tax
260 800
166 000
Income tax
(90 240)
(58 100)
Net profit after tax
170 560
107 900
Information extracted from the Statement of Financial Position as at 31 December 2015 and 2014.
2014( R )
ASSETS
Non-current assets
2 464 160
2 444 000
Property, plant and equipment (fixed assets)
Current assets
356 000
338 000
Inventories (all Trading stock)
120 000
250 000
Trade & other receivables
40 000
64 000
Cash & cash equivalents
196 000
24 000
2 820 160
2 782 000
QUITY AND LIABILITIES
Equity
2 437 560
1 980 000
Ordinary share capital (issued at R10 per share)
1 900 000
1 600 000
Share premium
280 000
160 000
Retained income
257 560
220 000
Non-current liability (Mortgage loan, 12% p.a.)
200 000
602 000
Current liabilities
182 600
Trade & other payables
98 000
138 000
SARS (Income tax)
8 600
6 000
Shareholders for dividends
76 000
56 000
Additional information
New shares were issued on the first day of the financial year.Interim and final dividends for the year ended 31 December 2015 amounted to R133 000.Fixed assets were sold at carrying (book) value during the year for R144 000.
Required:
1. Study the information provided by Centurion Limited and prepare the statement of cash flows (using the indirect method) for the year ended 31 December 2015.
2. Study the statement of cash flows prepared in 1.1 above and comment on your findings.
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