Accouting | Accounting homework help

  

University of Ballarat — Cash Flow Tutorial

To complete our knowledge of accounting principles we will calculate the cash how of ’Class Exercise Pty Ltd’, using their Income Statement and Balance Sheet.

To get a feel for the problem, how much did Class Exercise Pty Ltd pay off their bank loan. How much dividend did they pay?

Over the page we re-construct the T accounts to see where the cash came from, and where it went.

Class Exercise Ry Ltd

Balance Sheet Summary as at 30 June 2006

  

2006

2005

 

Cash

55,200

73,800

 

Debtors

94,000

98,000

 

Inventory

107,300

112,400

 

Plant and   Equipment

149,000

102,300

 

Accumulated   Depn (P&E)

(46,000)

(48,000)

 

359,500

338,500

 

Accounts   Payable

41,000

56,000

 

Accrued   Expenses

28,200

5,500

 

Income tax   Payable

18,000

15,000

 

Bank Loan

90,000

115,000

 

Paid Up   Capital

100,000

80,000

 

Retained   Earnings

82,300

67,000

 

359,500

338,500

 

Summary Income Statement 2005/06

 

Sales

384,000

 

Less COGS

198,000 

 

Gross   Profit on Sales

186,000

 

Proceeds on   Sale of Eqpt

16,000

 

Less BV of Eqpt Sold

7,000 

 

Profit on Sale of Eqpt

9,000 

 

Gross Profit

195,000

 

less expenses

Depreciation

11,000

 

Interest

9,200

 

Other Expenses

119,000

139,200 

 

Profit   before tax

55,800

 

Income Tax Expense

18,000

 

Profit after tax

37,800

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