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The balance sheet and income statement for Bingle Ltd is presented to you as follows:
Balance Sheet Extract as at 30 June 2012 with comparatives
30 June 2011
$
30 June 2012
Current Assets
Cash
88 000
121 500
Accounts Receivable
110 000
140 000
Provision for Doubtful Debts
-15 000
-20 000
Inventory
45 000
50 000
228 000
291 500
Non Current Assets
Land
125 000
Buildings
200 000
Accumulated Depn - Buildings
-30 000
Plant and Equipment
210 000
Accumulated Depn - Plant and Equip
410 000
485 000
TOTAL ASSETS
638 000
776 500
Current Liabilities
Trade Creditors
37 000
30 000
Electricity Payable
3 000
5 000
Wages Payable
10 000
Income Tax Payable
38 000
44 000
83 000
89 000
Non Current Liabilities
Long Term Loans
65 000
TOTAL LIABILITIES
133 000
154 000
The income statement for the year ending 30 June 2012
Sales (all on credit)
442 500
Less Cost of Goods Sold
120 000
Gross Profit
322 500
Less Expenses Incurred
Wages
135 000
Interest
5 500
Electricity
22 500
Doubtful Debts
20 000
Depreciation Buildings
Depreciation - Plant and Equip
35 000
Operating Profit before Tax
94 500
Less Taxation Expense
42 000
Operating Profit after tax
52 500
Required
(i) Reconstructing all relevant ledger accounts, prepare the operating cash flows section of the cash flow statement to determine operating cash flows for the year ending 30 June 2012. Show each individual cash flow item separately.
(ii) Prepare a reconciliation of operating profit (after tax) to cash received from operating activities for the year ending 30 June 2012.
how to record items on this account
Inventories constitute a important portion of the current assets ranging from 40 percent to 60 percent for manufacturing companies. The manufacturing companies conduct investments
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