Set out below are the financial statements of Emma, a limited liability company. You have been asked to prepare the company's statement of cash flows, implementing IAS 7 Statement of cash flows.
EMMA
STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 20X2
$＇000
Sales revenue 2,553
Cost of sales 1,814
Gross profit 739
Distribution costs 125
Administrative expenses 264
Operating profit 350
Interest received 25
Interest paid 75
Profit before tax 300
Income tax expense 240
Profit for the year 60
EMMA
STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER
20X2 20X1
$'000 $'000
Non-current assets
Tangible assets 380 305
Intangible assets 250 200
Investments -- 25
630 530
Current assets
Inventories 150 102
Receivables 390 315
Short-term investments 50 --
Cash in hand 2 1
592 418
1,222 948
Equity and liabilities
Share capital ($1 ordinary shares) 200 150
Share premium account 160 150
Revaluation surplus 100 91
Retained earnings 160 100
620 491
Non-current liabilities
Long-term loan 100 --
Current liabilities
Trade payables 127 119
Bank overdraft 85 98
Taxation 290 240
502 457
1,222 948
The following information is available.
(a) The proceeds of the sale of non-current asset investments amounted to $30,000.
(b) Fixtures and fittings, with an original cost of $85,000 and a carrying amount of $45,00 ,were sold for $32,000 during the year.
(c) The current asset investments fall within the definition of cash equivalents under IAS 7.
(d) The following information relates to property, plant and equipment.
31.12.20X2 31.12.20X1
$'000 $'000
Cost 720 595
Accumulated depreciation 340 290
Carrying amount 380 305
(e) 50,000 $1 ordinary shares were issued during the year at a premium of 20c per share.
【论述题】
Prepare a statement of cash flows for the year to 31 December 20X2 using the format laid out in IAS 7,together with the relevant notes to the statement.
