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Question - Mickelson Ltd manufactures golf clubs for professional golfers. Mickelson Ltd's balance sheets for the years ended 30 June 2010 and 2011 are presented below:
Mickelson Ltd Balance Sheets as at 30 June
2011
2010
ASSETS
Cash
480,000
-
Accounts Receivable
180,000
300,000
Provision for doubtful debts
(60,000)
(40,000)
Property, plant and equipment
780,000
600,000
Accumulated depreciation, Property, plant and equip
(180,000)
(100,000)
Inventory
460,000
260,000
Total Assets
1,660,000
1,020,000
LIABILITIES
Bank Overdraft
200,000
Accounts Payable
Accrued Wages (Wages Payable)
100,000
80,000
Provision for annual leave
40,000
60,000
Loans
Total Liabilities
740,000
640,000
Net Assets
920,000
380,000
Represented by:
Shareholders' Funds
Share Capital
700,000
Revaluation Surplus
140,000
Retained Profits
240,000
Total Shareholders' Funds
The revenues and expenses of Mickelson Ltd for the year ended 30 June 2011 are as follows:
$
Revenue
Sales
Interest (no interest receivable at year end)
20,000
Gain on sale of property (had a carrying value of $100,000)
Expenses
Cost of goods sold
Doubtful debts expense
Depreciation expense
Wages expense
Employee entitlement (annual leave) expense
Net Loss for the year
(160,000)
Additional information: Mickelson Ltd classifies interest expense payments as operating cash flows.
Required: Complete the Statement of Cash Flows for Mickelson Ltd for the year ended 30 June 2011, using the pro forma provided. Show all workings.
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