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Lokalalo is a New Zealand company helping Kiwi families redesign their homes. The balance date is 31 August.
You have studied the theory and want to put what you have learnt into practice.
Paulo Jr. wonders why the profit after tax is not the same as the cash flows from operating activities. Explain to Paulo Jr. two reasons why these two numbers are usually different and provide an example for each difference?
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- Sarah and Doug want to set up a company to start a business importing children’s toys from Europe into New Zealand. They will both be directors and equal shareholders. They each pay $500,000 for 100 shares each. The company will have assets (personal property) worth $950,000 and $50,000 in cash reserves. The company will borrow $100,000 from Big Bank to make the first purchase of toys from Europe. The company’s assets do not have any securities registered over them. Which of the following statements are INCORRECT? As the directors of the company, Sarah and Doug are personally liable for the $100,000 debt that the company will incur. The company will carry on existing if either Sarah or Doug retires as a director or sells their shares. The company is a separate legal person and its debts are separate from those owed by Sarah and Doug. Sarah and Doug will be able to issue additional shares and sell them if they want to raise additional funds for their company in the future.Consider the following transactions that take place in 2021. A rancher in Alberta takes $100 worth of inputs to produce animal skin, which she sells to a tanner in Ontario for $700. The tanner produces leather and sells it to a shoemaker in Portugal for $1200. The shoemaker in Portugal produces shoes and sells it to a boutique owner in British Columbia for $2000. The boutique owner in British Columbia sells the shoes for $4000 to its customers. a. What is the change in Canadian GDP as a result of these transactions? For each transaction, explain why it is included or excluded from Canadian GDP. b. Show that the value-added approach and the expenditure approach lead to the same GDP contribution. c. Using this example, explain why GDP is also a measure of a country’s income.Shonta started a graphic design firm a year ago.The business has done well, but it needs a lotmore equipment, computers, and employees tocontinue expanding. Shonta thinks she can getall the money she will need from her bank. Whatadvice might you give to her?a. She is right—the bank is likely to lend her asmuch as she needs because banks primarilyfocus on supporting small businesses.b. She is crazy—banks do not lend money tosmall businesses but only to well-known,well-established organizations.c. She should sell her business immediatelybefore it fails because most small businessesfail during the first five years.d. She should not accept any new clients sothat she can end the need to add additionalequipment and employees.e. She should consider alternative sources offinancing because banks provide only a portion of the total capital to small businesses.