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    Cashflow Tutorial 2

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    Tadiwa Zamani
    Colby Co reported revenue of $720,000 for the year ended December 31, 20X2, with a profit of $268,000. Its assets totaled $1,426,000 as of December 31, 20X2, consisting mainly of property, plant and equipment of $1,278,000. Its liabilities included non-current loans of $200,000 and current liabilities of $114,000.

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    Cashflow Tutorial 2

    Uploaded by

    Tadiwa Zamani
    127 views1 page
    Colby Co reported revenue of $720,000 for the year ended December 31, 20X2, with a profit of $268,000. Its assets totaled $1,426,000 as of December 31, 20X2, consisting mainly of property, plant and equipment of $1,278,000. Its liabilities included non-current loans of $200,000 and current liabilities of $114,000.

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    Cash flow statement problem

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    Colby Co reported revenue of $720,000 for the year ended December 31, 20X2, with a profit of $268,000. Its assets totaled $1,426,000 as of December 31, 20X2, consisting mainly of property, plant and equipment of $1,278,000. Its liabilities included non-current loans of $200,000 and current liabilities of $114,000.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    127 views1 page

    Cashflow Tutorial 2

    Uploaded by

    Tadiwa Zamani
    Colby Co reported revenue of $720,000 for the year ended December 31, 20X2, with a profit of $268,000. Its assets totaled $1,426,000 as of December 31, 20X2, consisting mainly of property, plant and equipment of $1,278,000. Its liabilities included non-current loans of $200,000 and current liabilities of $114,000.

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    © All Rights Reserved
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    of 1

    Colby Co's statement of profit or loss for the year ended 31 December 20X2 and statements of financial

    position at 31 December 20X1 and 31 December 20X2 were as follows.


    COLBY CO
    STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 20X2
    $'000 $'000
    Revenue 720
    Raw materials consumed 70
    Staff costs 94
    Depreciation 118
    Loss on disposal of non-current asset 18
    (300)
    420
    Interest payable (28)
    Profit before tax 392
    Taxation (124)
    Profit for the year 268

    COLBY CO
    STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER
    20X2 20X1
    $'000 $'000 $'000 $'000
    Assets
    Property, plant and equipment
    Cost 1,596 1,560
    Depreciation 318 224
    1,278 1,336
    Current assets
    Inventory 24 20
    Trade receivables 76 58
    Bank 48 56
    148 134
    Total assets 1,426 1,470
    Equity and liabilities
    Capital and reserves
    Share capital 360 340
    Share premium 36 24
    Retained earnings 716 514
    1,112 878
    Non-current liabilities
    Non-current loans 200 500
    Current liabilities
    Trade payables 12 6
    Taxation 102 86
    114 92
    1,426 1,470

    During the year, the company paid $90,000 for a new piece of machinery.
    Dividends paid during 20X2 totalled $66,000 and interest paid was $28,000.
    Required
    Prepare a statement of cash flows for Colby Co for the year ended 31 December 20X2 in accordance
    with the requirements of IAS 7, using the indirect method.

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