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A comparative Statement of Financial Position of Aqua Ltd is presented below:
30 June 2012
30 June 2011
$
Cash
218,000
120,000
Trade receivables
204,000
184,000
Inventory
160,000
100,000
Land (at valuation)
62,000
50,000
Plant
520,000
460,000
Accumulated depreciation
(120,000)
(90,000)
1,044,000
824,000
Accounts payable
155,000
150,000
Accrued interest
16,000
12,000
Other accrued liabilities
43,000
45,000
Current tax payable
34,000
30,000
Provision for employee benefits
42,000
38,000
Dividend payable
60,000
-
Borrowings
105,000
95,000
Deferred tax liability
39,000
58,000
Share capital
380,000
350,000
Revaluation reserve
20,000
Retained earnings
Statement of Profit or Loss and Other Comprehensive Income
for the year ended 30 June 2012
Sales
3,580,000
Cost of sales
(2,864,000)
Gross profit
716,000
Gain on sale of plant
Dividend income
4,000
Distribution costs
(185,000)
Administrative costs
(160,000)
Interest expense
(8,000)
Other costs
(40,000)
Profit before tax
343,000
Income tax expense
(103,000)
Profit for the year
240,000
Other Comprehensive Income
Gain on asset revaluation (net of tax)
8,000
Total comprehensive income
248,000
Additional information:
Required:
Using the direct method of presenting cash flows from operating activities, prepare a Statement of Cash Flows in accordance with AASB 107 for the year ended 30 June 2012, including a reconciliation of cash flows arising from operating activities and profit. Show all workings.
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