# NCHS Calculation Cash Flow Statement Worksheet

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Question 1 (85 marks)

Crown Limited is a merchandiser incorporated in Hong Kong. The company’s statements of financial position and income statement for the year ended 31 December 2021 are as follows:

Crown Limited

Statement of financial position

As at 31 December 2021

2021

2020

Non-current assets

Property, plant and equipment

105,450

76,500

Accumulated depreciation

(48,300)

(30,600)

57,150

45,900

Current assets

Cash

53,925

31,800

Accounts Receivable

19,425

23,250

Inventory

175,350

139,875

248,700

194,925

Total Assets

305,850

240,825

Equity and liabilities

Equity

Ordinary share capital

165,000

150,000

42,000

15,000

Retained earning

55,875

33,450

262,875

198,450

Current liabilities

Accounts payable

38,475

35,625

Tax payable

4,500

6,750

42,975

42,375

Total equity and liabilities

305,850

240,825

Crown Limited

Statement of profit or loss and other   comprehensive income

For the year ended 31 December 2021

\$

Revenue

609,750

Cost of goods sold

(279,000)

Gross profit

330,750

Other operating expense

Depreciation expenses

17,700

Other expenses

179,775

(197,475)

Profit before tax

133,275

Tax expenses

(44,850)

Net profit

88,425

Other information

Purchased equipment for \$28,950

Issued 3,000 ordinary shares for \$14 each

Declared and paid \$66,000 of cash dividends. The company’s management wants to classify payments for dividends as financing activities.

The Accounts receivable ratio and Profit margin for 2020 are 26 and 12.23% respectively.

Required:

Prepare the statement of cash flows for Crown Limited for the year ended on 31 December 2021 according to indirect method. Show your workings. (55 marks)

Compute and comment on the following ratios for 2021. (Correct your answers to 2 decimal places) (30 marks)

-Current ratio

-Accounts receivable turnover

-Acid test ratio

-Debt ratio

-Equity ratio

-Profit margin

Note: for you to be able to compare you would need to know the ratios of both 2020 and 2021. Show all your workings.

Question 2 (15 marks)

Please use the following information to prepare a manufacturing statement for Woody Company for the month ended June 30. (15 marks)

Goods in process inventory,   May 31

12,600

Goods in process inventory,   June 30

16,500

Direct materials used during   June

21,000

Direct labor used during June

31,000

Indirect material

6,400

Indirect labor

9,200

Factory rent

12,000

Factory depreciation

15,000

Factory utilities

18,400

Note: marks will be awarded for good form and presentation.

<End of assignment>

Pages (550 words)
Approximate price: -

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