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:
Statement of financial position
As at 31 December 2021
Property, plant and equipment
Equity and liabilities
Ordinary share capital
Share premium capital
Total equity and liabilities
Statement of profit or loss and other comprehensive income
For the year ended 31 December 2021
Cost of goods sold
Other operating expense
Profit before tax
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.
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)
-Accounts receivable turnover
-Acid test ratio
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
Goods in process inventory, June 30
Direct materials used during June
Direct labor used during June
Note: marks will be awarded for good form and presentation.
<End of assignment>
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