You have been provided with the following information for Bee Ltd, a closely-held privatecompany:Bee LtdIncome Statement for the year ending31/03/2021$Sales1,400,000Less: Cost of sales550,000Gross profit850,000Interest on Government Bonds2,100Less:380,000DepreciationInterest expense35,60010,000Bad Debts5,000Loss on sale – equipment4,000Insurance12,200Other expenses312,800472,100185,295286,80570,000Net Profit before taxTaxationNet Profit after taxRevaluation of LandComprehensive Net Profit356,805Note during the 2021 year:$Equipment with accumulated depreciation of11,000was sold for cash20,000Land was revalued upward byThe company re-purchased shares at70,000100,000Marketable securities were sold for cash. Вee LtdBalance Sheets as at 31/03$$20212020Current assetsCash on Hand & Cash at Bank40,000200,000165,00047,0008,000460,000Marketable Securities150,000220,000Accounts ReceivableInventoryPrepaid Insurance68,00012,000450,000Non-current assetsInvestments – Government Bonds80,000220,000470,000(48,000)180,000(45,000)857,00040,000150,000240,000(38,400)150,400LandBuildingsless Accumulated DepreciationEquipmentless Accumulated Depreciation(30,000)512,000Total assets1,307,000972,000Current liabilitiesAccounts PayableInterest PayableTaxation Payable78,0002,000120,00020,00069,0001,00090,000Bank Overdraft18,000238,000Accrued Expenses15,000175,000Non-current liabilitiesMortgage100,00080,000Shareholders' equityPaid up Capital ($1 ordinary shares)400,00070,000500,000Asset Revaluation ReserveRetained Earnings499,000969,0001,307,000217,000717,000Total Liabilities and Equity972,000REQUIRED:Prepare the Statement of Cash Flows for the year ended 31 March 2021.

Cash flow Statement Cash from operating activities Net profit before taxation and…

You have been provided with the following information for Bee Ltd, a cIosely-neld priIvate company: Bee Ltd Income Statement for the year ending 31/03/2021 Sales 1,400,000 Less: Cost of sales 550,000 850,000 Gross profit Interest on Government Bonds 2,100 Less: 380,000 35,600 Depreciation Interest expense 10,000 Bad Debts 5,000 4,000 12,200 312,800 Loss on sale – equipment Insurance Other expenses Net Profit before tax 472,100 Taxation 185,295 Net Profit after tax 286,805 Revaluation of Land 70,000 Comprehensive Net Profit 356,805 Note during the 2021 year: $ Equipment with accumulated depreciation of 11,000 was sold for cash 20,000 Land was revalued upward by The company re-purchased shares at 70,000 100,000 Marketable securities were sold for cash.

You have been provided with the following information for Bee Ltd, a cIosely-neld priIvate company: Bee Ltd Income Statement for the year ending 31/03/2021 Sales 1,400,000 Less: Cost of sales 550,000 850,000 Gross profit Interest on Government Bonds 2,100 Less: 380,000 35,600 Depreciation Interest expense 10,000 Bad Debts 5,000 4,000 12,200 312,800 Loss on sale – equipment Insurance Other expenses Net Profit before tax 472,100 Taxation 185,295 Net Profit after tax 286,805 Revaluation of Land 70,000 Comprehensive Net Profit 356,805 Note during the 2021 year: $ Equipment with accumulated depreciation of 11,000 was sold for cash 20,000 Land was revalued upward by The company re-purchased shares at 70,000 100,000 Marketable securities were sold for cash.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 47P

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