You have been provided with the following extracts of the financial statements of ProvisionLtd for the year ended 31 December 2018.Statement of financial position for the year ended 31 December 2018Non-current assetsCurrent assetsInventoriesTrade receivablesCashTotal assetsEquity and LiabilitiesShareholders equity andreservesContributed equity (ordinaryshares)Retained incomePreference shares -Non-current liabilitiesLoanCurrent liabilitiesTrade payablesDividends payableInland RevenueTotal equity and liabilitiesNote1SSSSSS$SSSSSSSSSS2018328,000 S498,000 S170,000 S90,000 $62,000 $ 55,00018,000 $5,000$201780,000 $48,000 $12,000 $20,000 $286,000170,000110,000418,000 $ 290,000170,000 $198,000 $50,000 $SS456,000110,000130,00050,000100,00066,00044,00010,00012,000498,000 S 456,000Extract from the statement of profit and loss for the year ended 31 December 2018:Gross revenueS375,000Cost of sales$217,000S158,000Net profit before taxationTaxation73,000Net profit for the year85,000 Statement of changes in equity for the year ended 31 December 2018Ordinary shares Preference shares Retained income TotalBalance 31 December 2017 $ 110,000 $130,000 $ 290,00050,000 $Changes in equity for 2018:Net profit for the yearDividends paidPreference dividendsNew share issueBalance 31 December 2018 $Additional information:1. Non-current assets$Land and buildingsPlant and machineryCost60,000170,00020182017$ 180,000 $140,000190,000$ 218,000 $$ 398,000 $ 330,000$2018$$70,000$ 70,000-$Accumulated depreciation50,000 $2017$44,000$ 44,00085,000 $7,000 -$10,000 -$198,000 $ 418,000$5,0007,00010,0002018$180,000$ 148,000$328,000Carrying value• During the year, 60 000 ordinary shares were issued at $ 1 per share.• Interest paid amounted to $ 5 000 and investment income was $ 2 000.2017$ 140,000$ 146,000$ 286,000• A small land area costing $ 25 000 was sold for a profit of $ 8 000 on 30 March 2018.• Plant and machinery costing $ 40 000 was acquired.• Plant and machinery with a book value of $ 8 000 was sold at a loss of $ 4 000.REQUIRED:Prepare the statement of cash flow for Provision Ltd for the year ended 31 December 2018using the indirect method.

Statement of Cash Flow - Statement of Cash Flow includes inflow and outflow of cash in the financial…

You have been provided with the following extracts of the financial statements of Provision Ltd for the year ended 31 December 2018. Statement of financial position for the year ended 31 December 2018 Note 1 Non-current assets Current assets Inventories Trade receivables Cash Total assets Equity and Liabilities Shareholders equity and reserves Contributed equity (ordinary shares) Retained income Preference shares - Non-current liabilities Loan Current liabilities Trade payables Dividends payable Inland Revenue Total equity and liabilities S S S S S S S S S S S S S S SSS S 2018 328,000 $ 286,000 170,000 $ 90,000 $ 62,000 $ 18,000 S 2017 498,000 $ 456,000 S 170,000 110,000 55,000 5,000 418,000 $ 290,000 170,000 $ 110,000 198,000 $ 130,000 50,000 $ 50,000 80,000 $ 48,000 $ 12,000 S 20,000 $ 100,000 66,000 44,000 10,000 12,000 498,000 $ 456,000 Extract from the statement of profit and loss for the year ended 31 December 2018: Gross revenue $ 375,000 Cost of sales S 217,000 S 158,000 Net profit before taxation Taxation S 73,000 Net profit for the year S 85,000

You have been provided with the following extracts of the financial statements of Provision Ltd for the year ended 31 December 2018. Statement of financial position for the year ended 31 December 2018 Note 1 Non-current assets Current assets Inventories Trade receivables Cash Total assets Equity and Liabilities Shareholders equity and reserves Contributed equity (ordinary shares) Retained income Preference shares - Non-current liabilities Loan Current liabilities Trade payables Dividends payable Inland Revenue Total equity and liabilities S S S S S S S S S S S S S S SSS S 2018 328,000 $ 286,000 170,000 $ 90,000 $ 62,000 $ 18,000 S 2017 498,000 $ 456,000 S 170,000 110,000 55,000 5,000 418,000 $ 290,000 170,000 $ 110,000 198,000 $ 130,000 50,000 $ 50,000 80,000 $ 48,000 $ 12,000 S 20,000 $ 100,000 66,000 44,000 10,000 12,000 498,000 $ 456,000 Extract from the statement of profit and loss for the year ended 31 December 2018: Gross revenue $ 375,000 Cost of sales S 217,000 S 158,000 Net profit before taxation Taxation S 73,000 Net profit for the year S 85,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 6E: Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown...

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