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 

 

Share premium capital 

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 

 

Factory overhead

  

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>

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