ASSETS Non-current assets Fixed assets Current assets Inventories (all Trading inventory) Accounts receivable Cash & cash equivalents 2021 (R) 24 641 600 24 641 600 3 560 000 1 200 000 400 000 1 960 000 28 201 600 2020 (R) 24 440 000 24 440 000 3 360 000 2 500 000 640 000 220 000 27 800 000
ASSETS Non-current assets Fixed assets Current assets Inventories (all Trading inventory) Accounts receivable Cash & cash equivalents 2021 (R) 24 641 600 24 641 600 3 560 000 1 200 000 400 000 1 960 000 28 201 600 2020 (R) 24 440 000 24 440 000 3 360 000 2 500 000 640 000 220 000 27 800 000
Financial Management: Theory & Practice
16th Edition
ISBN:9781337909730
Author:Brigham
Publisher:Brigham
Chapter2: Financial Statements, Cash Flow,and Taxes
Section: Chapter Questions
Problem 15P: Use the following income statement of Elliott Game Theory Consulting to determine its net operating...
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![ASSETS
Non-current assets
Fixed assets
Current assets
Inventories (all Trading inventory)
Accounts receivable
Cash & cash equivalents
EQUITY AND LIABILITIES
Equity
Ordinary share capital
Retained income
Non-current liabilities
Mortgage loan (12% p.a.)
Current liabilities
Accounts payable
SARS (Company tax)
Shareholders for dividends
-
■
I
2021 (R)
■
24 641 600
24 641 600
3 560 000
1 200 000
400 000
1 960 000
28 201 600
24 495 600
21 800 000
2 695 600
2 000 000
2 000 000
1 706 000
850 000
96 000
760 000
28 201 600
2020 (R)
Additional information
The issue price of all the shares is R10 each. New shares were issued on the first day of the financial
year.
Interim and final dividends for the year ended 31 December 2021 amounted to R1 413 000.
Fixed assets were sold at carrying (book) value during the year for R1 440 000. Fixed assets were also
purchased.
The shares in Nascar Limited are currently selling for R12 each.
All purchases and sales of inventories are on credit.
The following ratios have been calculated:
24 440 000
24 440 000
3 360 000
2 500 000
640 000
220 000
27 800 000
19 883 000
17 600 000
2 283 000
6 000 000
6 000 000
1 917 000
1 290 000
67 000
560 000
27 800 000
Adc](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F732fd0f5-c592-49b5-a75a-e17690af7004%2F9572eb6d-87c3-4f8a-8720-d108ada324c9%2Foba4rtg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:ASSETS
Non-current assets
Fixed assets
Current assets
Inventories (all Trading inventory)
Accounts receivable
Cash & cash equivalents
EQUITY AND LIABILITIES
Equity
Ordinary share capital
Retained income
Non-current liabilities
Mortgage loan (12% p.a.)
Current liabilities
Accounts payable
SARS (Company tax)
Shareholders for dividends
-
■
I
2021 (R)
■
24 641 600
24 641 600
3 560 000
1 200 000
400 000
1 960 000
28 201 600
24 495 600
21 800 000
2 695 600
2 000 000
2 000 000
1 706 000
850 000
96 000
760 000
28 201 600
2020 (R)
Additional information
The issue price of all the shares is R10 each. New shares were issued on the first day of the financial
year.
Interim and final dividends for the year ended 31 December 2021 amounted to R1 413 000.
Fixed assets were sold at carrying (book) value during the year for R1 440 000. Fixed assets were also
purchased.
The shares in Nascar Limited are currently selling for R12 each.
All purchases and sales of inventories are on credit.
The following ratios have been calculated:
24 440 000
24 440 000
3 360 000
2 500 000
640 000
220 000
27 800 000
19 883 000
17 600 000
2 283 000
6 000 000
6 000 000
1 917 000
1 290 000
67 000
560 000
27 800 000
Adc
![7 / 9
Sales
Cost of sales
Gross profit
Operating expenses
66,7%
REQUIRED
Use the information provided below to prepare the Cash Flow Statement of Nascar Limited for the year
ended 31 December 2021.
Depreciation
Other operating expenses
Operating profit
Interest on mortgage loan
Profit before tax
▼
INFORMATION
The following Information was extracted from the records of Nascar Limited for the past two years:
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER:
Company tax
Profit after tax
16
2021 (R)
18 560 000
(12 800 000)
5 760 000
(2 912 000)
300 000
2 612 000
2 848 000
(240 000)
2 608 000
(782 400)
1 825 600
DELL
2020 (R)
12 000 000
(7 500 000)
4 500 000
(2 120 000)
260 000
1 860 000
2 380 000
(720 000)
1 660 000
(498 000)
1 162 000
Addre](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F732fd0f5-c592-49b5-a75a-e17690af7004%2F9572eb6d-87c3-4f8a-8720-d108ada324c9%2F9hypeep_processed.jpeg&w=3840&q=75)
Transcribed Image Text:7 / 9
Sales
Cost of sales
Gross profit
Operating expenses
66,7%
REQUIRED
Use the information provided below to prepare the Cash Flow Statement of Nascar Limited for the year
ended 31 December 2021.
Depreciation
Other operating expenses
Operating profit
Interest on mortgage loan
Profit before tax
▼
INFORMATION
The following Information was extracted from the records of Nascar Limited for the past two years:
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER:
Company tax
Profit after tax
16
2021 (R)
18 560 000
(12 800 000)
5 760 000
(2 912 000)
300 000
2 612 000
2 848 000
(240 000)
2 608 000
(782 400)
1 825 600
DELL
2020 (R)
12 000 000
(7 500 000)
4 500 000
(2 120 000)
260 000
1 860 000
2 380 000
(720 000)
1 660 000
(498 000)
1 162 000
Addre
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