The following are the Statements of Financial Position of Yomi Limited for the years ended December 31, 2015 and 2016. Non-current assets 2016 GH¢ 2015 GH¢ Land 560,000 300,000 Building & equipment 2,000,000 1,900,000 2,560,000 2,200,000 Accumulated depreciation (800,000) (770,000) 1,760,000 1,430,000 Long term investments 50,000 25,000 Total Non-current assets 1,810,000 1,455,000 Current assets Inventory 300,000 320,000 Trade receivables 410,000 460,000 Cash & cash equivalents 30,000 50,000 Prepaid 20,000 15,000 Total current assets 760,000 845,000 Total assets 2,570,000 2,300,000 Equity & Non-current liabilities Equity share capital (GH¢2 par value) 200,000 160,000 Share premium 710,000 550,000 Retained earnings 670,000 620,000 Bonds 500,000 800,000 Long term loan notes 150,000 - Total equity & non-current liabilities 2,230,000 2,130,000 Current liabilities Trade & other payables 300,000 120,000 Accrued liabilities 40,000 50,000 Total current liabilities 340,000 170,000 Total equity & liabilities 2,570,000 2,300,000 Additional information about 2016 transactions and events: Net profit for the year was GH₵110,000 Depreciation expense on buildings and equipment was GH₵60,000 Sold equipment with a cost of GH₵50,000 and accumulated depreciation of GH₵30,000 for cash of GH₵17,000 Declared and paid cash dividends of GH₵60,000 Issued a GH₵150,000 long-term note payable for buildings Purchased long-term investments for GH₵25,000 Paid GH₵300,000 on the bonds payable Issued 20,000 shares of GH₵2 par value ordinary shares for GH₵200,000. Purchased land for GH₵260,000. Required: Prepare the company’s statement of cash flows for the year ended 31st December 2016, using the indirect method, adopting the format in IAS 7 Statement of cash flows.
The following are the Statements of Financial Position of Yomi Limited for the years ended December 31, 2015 and 2016. Non-current assets 2016 GH¢ 2015 GH¢ Land 560,000 300,000 Building & equipment 2,000,000 1,900,000 2,560,000 2,200,000 Accumulated depreciation (800,000) (770,000) 1,760,000 1,430,000 Long term investments 50,000 25,000 Total Non-current assets 1,810,000 1,455,000 Current assets Inventory 300,000 320,000 Trade receivables 410,000 460,000 Cash & cash equivalents 30,000 50,000 Prepaid 20,000 15,000 Total current assets 760,000 845,000 Total assets 2,570,000 2,300,000 Equity & Non-current liabilities Equity share capital (GH¢2 par value) 200,000 160,000 Share premium 710,000 550,000 Retained earnings 670,000 620,000 Bonds 500,000 800,000 Long term loan notes 150,000 - Total equity & non-current liabilities 2,230,000 2,130,000 Current liabilities Trade & other payables 300,000 120,000 Accrued liabilities 40,000 50,000 Total current liabilities 340,000 170,000 Total equity & liabilities 2,570,000 2,300,000 Additional information about 2016 transactions and events: Net profit for the year was GH₵110,000 Depreciation expense on buildings and equipment was GH₵60,000 Sold equipment with a cost of GH₵50,000 and accumulated depreciation of GH₵30,000 for cash of GH₵17,000 Declared and paid cash dividends of GH₵60,000 Issued a GH₵150,000 long-term note payable for buildings Purchased long-term investments for GH₵25,000 Paid GH₵300,000 on the bonds payable Issued 20,000 shares of GH₵2 par value ordinary shares for GH₵200,000. Purchased land for GH₵260,000. Required: Prepare the company’s statement of cash flows for the year ended 31st December 2016, using the indirect method, adopting the format in IAS 7 Statement of cash flows.
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
Chapter12: Intangibles
Section: Chapter Questions
Problem 10MC
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Question
The following are the
|
Non-current assets |
2016 GH¢ |
2015 GH¢ |
|
Land |
560,000 |
300,000 |
|
Building & equipment |
2,000,000 |
1,900,000 |
|
|
2,560,000 |
2,200,000 |
|
Accumulated |
(800,000) |
(770,000) |
|
|
1,760,000 |
1,430,000 |
|
Long term investments |
50,000 |
25,000 |
|
Total Non-current assets |
1,810,000 |
1,455,000 |
|
Current assets |
|
|
|
Inventory |
300,000 |
320,000 |
|
Trade receivables |
410,000 |
460,000 |
|
Cash & cash equivalents |
30,000 |
50,000 |
|
Prepaid |
20,000 |
15,000 |
|
Total current assets |
760,000 |
845,000 |
|
Total assets |
2,570,000 |
2,300,000 |
|
Equity & Non-current liabilities |
|
|
|
Equity share capital (GH¢2 par value) |
200,000 |
160,000 |
|
Share premium |
710,000 |
550,000 |
|
|
670,000 |
620,000 |
|
Bonds |
500,000 |
800,000 |
|
Long term loan notes |
150,000 |
- |
|
Total equity & non-current liabilities |
2,230,000 |
2,130,000 |
|
Current liabilities |
|
|
|
Trade & other payables |
300,000 |
120,000 |
|
Accrued liabilities |
40,000 |
50,000 |
|
Total current liabilities |
340,000 |
170,000 |
|
Total equity & liabilities |
2,570,000 |
2,300,000 |
Additional information about 2016 transactions and events:
- Net profit for the year was GH₵110,000
- Depreciation expense on buildings and equipment was GH₵60,000
- Sold equipment with a cost of GH₵50,000 and accumulated depreciation of GH₵30,000 for cash of GH₵17,000
- Declared and paid cash dividends of GH₵60,000
- Issued a GH₵150,000 long-term note payable for buildings
- Purchased long-term investments for GH₵25,000
- Paid GH₵300,000 on the bonds payable
- Issued 20,000 shares of GH₵2 par value ordinary shares for GH₵200,000.
- Purchased land for GH₵260,000.
Required:
Prepare the company’s statement of cash flows for the year ended 31st December 2016, using the indirect method, adopting the format in IAS 7 Statement of cash flows.
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