2108AFE Topic 10 Lecture Example Template.docx

2108AFE Topic 10 Lecture Example Template.docx - 2108AFE...

This preview shows 1 out of 3 pages.

2108AFE Financial Accounting – Topic 9 Lecture Example Template 2108AFE Financial Accounting Lecture Example Topic 10 – Statement of Cash Flows The 2017 comparative balance sheet and income statement of Mickelson Ltd follow: Mickelson Ltd Comparative Balance Sheet as at 31 December 2017 and 2016 2017 2016 Current assets Cash and cash equivalents 26 700 15 600 Accounts Receivable 26 500 25 300 Inventories 79 900 91 900 Non-currents assets Land (increase 24500 non cash) 35 500 11 000 Equipment 123 480 108 840 Accumulated depreciation - equipment (20 580) (18 140) Total assets 271 500 234 500 Current liabilities Accounts payable 35 600 30 500 Accrued liabilities 28 900 30 600 Non-current liabilities Bill payable 77 000 103 000 Total Liabilities 141 500 164 100 Net Assets 130 000 70 400 Shareholders’ equity Ordinary share capital 88 200 64 300 Retained earnings 41 800 6 100 Total shareholders’ equity 130 000 70 400 1
Image of page 1

Subscribe to view the full document.

2108AFE Financial Accounting – Topic 9 Lecture Example Template Mickelson Ltd Income Statement for the year ended December 2017 Revenues $ $ Sales revenue 438 000 Interest revenue 8 500 Total revenues 446 500 Expenses Cost of sales 209 200 Salary expense 72 400 Depreciation expense 14 500 Non cash Other operating expense 10 000 Interest expense (disclosed separately) 21 500 Income tax expense (dis. sep.) 19 400 Total expenses 347 000 Profit 99 500
Image of page 2
Image of page 3
You've reached the end of this preview.
  • Two '17
  • Balance Sheet, Generally Accepted Accounting Principles, Lecture Example Template

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern