Homework Answers
| (b) Freddy Corporations | |
| Cash Flow Statement for the year ended on 31st December, 2019 | |
| Particulars |
Figures as at the end of 31.12.2019 |
| A. CASH FLOW FROM OPERATING ACTIVITIES | |
| Net Profit/Loss Before Tax and Extra Ordinary Item | 27,839 |
| Adjustment for: | |
| Dividend | (20,000) |
| Depreciation | 33,531 |
| Loss on sale of Shares | - |
| Interest on Loan | - |
| Operating Profit Before Working Capital Changes | 41,370 |
| Adjustment for: | |
| Change in Interest Payable | 930 |
| Change in Lease Payable | 18,594 |
| Change in Trade Receivables | (12,000) |
| Change in Doubtful Debts | 1,400 |
| Change in Accounts Payables | 6,000 |
| Change in Accrued Liabilities | (9,000) |
| Change in Prepaid Expenses | (700) |
| Change in Inventories | 20,000 |
| Cash Generated from Operations | 66,594 |
| Less: Taxes Paid | - |
| Net Cash used in Operating Activities | 66,594 |
| B. CASH FLOW FROM INVESTING ACTIVITIES | |
| Leased Equipment | (28,594) |
| Purchase of Building | (43,000) |
| Purchase of Land | (30,000) |
| Sale Proceeds of Machinery | 10,000 |
| Net Cash used in Investing Activities | (91,594) |
| C. CASH FLOW FROM FINANCING ACTIVITIES | |
| Bonds issued during the year | 65,000 |
| Shares issued during the year | 8,000 |
| Dividend Received | 20,000 |
| Net Cash flows from Financing Activities | 93,000 |
| D. Net Increase/(Decrease) in Cash (A+B+C) | 68,000 |
| Opening Cash and Cash Equivaulents | 27,000 |
| Closing Cash and Cash Equivalents | 95,000 |
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equipment is to be capitalized at $466,000. The asset is to be
amortized on a double-declining-balance basis, and the obligation
is to be reduced on an effective-interest basis. Sheffield’s
incremental borrowing rate is 6%, and the implicit rate in the
lease is 9%, which is known by Sheffield....
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