Chapter6Q - Financial accounting for decision makers (5th...

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Unformatted text preview: Financial accounting for decision makers (5th edition) Atrill and McLaney Exercise Chapter 6 The fo llowing are the financial statements of Colmar Ltd for last year and this year: Income statement for the year ended 31 December: last year £000 Sales revenue 499 Cost of sales (335) Gross profit 164 Operating expenses (127) Operating profit 37 Interest payable (13) Profit before taxat ion 24 Taxat ion ( 8) Profit for the year 16 this year £000 602 (423) 179 (148) 31 (22) 9 ( 4) 5 Balance sheet as at 31 December: last year £000 £000 110 this year £000 £000 125 Non­current assets Current assets Inventories Trade receivables Cash Total assets Equit y Ordinary shares of £0.50 each Capital reserves Retained profit Non­current liabilit ies Borrowings ­ Loan notes Current liabilit ies Trade payables Taxat ion Total equit y and liabilit ies 68 80 6 154 264 83 96 2 181 306 13 33 84 130 55 13 33 84 130 60 75 4 79 264 114 2 116 306 [Included in operating expenses are the fo llowing depreciat ion charges: Last year This year £32,000 £36,000 There were no disposals o f non­current assets in either year. ] Financial accounting for decision makers (5th edition) Atrill and McLaney Exercise Dividends were paid of £6,000 and £5,000 during last year and this year respect ively. Required: Prepare a cash flow statement for this year. Show workings. ...
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