Solution-Prepare a statement of cash flows

Prepare a statement of cash flows

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Reference no: EM133167141

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 DIVIDENDS ARE CONSIDERED IN OPERATING ACTIVITIES IN ACCORDANCE WITH AASB107.

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

Reference no: EM133167141

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Prepare a statement of cash flows

Reference no: EM133167141

Reference no: EM133167141

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