QUESTION 2 The Greene Corp. produced the following data accompanying its financial data for 2022; a. Equipment costing 10,000 with a book value of 8,000 was sold for 15,000 b. Motor vehicle costing 40,000 with depreciation of 16,000 was sold at a loss of 5,500 c. The building was revalued during the year. d. No dividend was paid during the year. BALANCE SHEET AS AT DECEMBER 31, 2021 $ COST Non-Current Assest Goodwill Building Equipment Motor Vehicle Current Liabilities Stock Short Term Investment Debtors Bank Cash EQUITY & LIABILITIES Capital & Reserves Share Capital ($1 Ord Shares) Share Premium Reval Reserve General Reserves Retained Earnings Non-Current Liabilities 10% Debenture Current Liabilities Creditors Interest Tax Payable Accounts Payable $ DEPN 70,000 300,000 300,000 250,000 25,000 225,000 150,000 15,000 135,000 700,000 40,000 730,000 22,000 40,000 8,000 0 12,000 $ NBV 17,000 10,000 14,000 10,000 82,000 812,000 275,000 22,500 0 25,500 140,500 463,500 297,500 51,000 812,000 2022 $ COST $ DEPN 35,000 375,000 375,000 310,000 38,500 271,500 180,000 27,000 153,000 865,000 65,500 834,500 35,000 25,000 $ NBV 15,000 22,500 6,000 103,500 938,000 275,000 22,500 50,000 25,500 80.750 453,750 22,000 26,500 0 25,000 410,750 73,500 938,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 7.3.2MBA

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Can you prepare the cash flow statement for the year ended 2022 and comment on the performance and financial position of the company, using relevant items in the cash flow statement.

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QUESTION 2
The Greene Corp. produced the following data accompanying its financial data for 2022;
a. Equipment costing 10,000 with a book value of 8,000 was sold for 15,000
b. Motor vehicle costing 40,000 with depreciation of 16,000 was sold at a loss of 5,500
c. The building was revalued during the year.
d. No dividend was paid during the year.
BALANCE SHEET AS AT DECEMBER 31,
2021
$
COST
Non-Current Assest
Goodwill
Building
Equipment
Motor Vehicle
Current Liabilities
Stock
Short Term Investment
Debtors
Bank
Cash
EQUITY & LIABILITIES
Capital & Reserves
Share Capital ($1 Ord Shares)
Share Premium
Reval Reserve
General Reserves
Retained Earnings
Non-Current Liabilities
10% Debenture
Current Liabilities
Creditors
Interest
Tax Payable
Accounts Payable
$
DEPN
70,000
300,000
300,000
250,000 25,000 225,000
150,000 15,000 135,000
700,000 40,000 730,000
22,000
40,000
8,000
0
12,000
$
NBV
17,000
10,000
14,000
10,000
82,000
812,000
275,000
22,500
0
25,500
140,500 463,500
297,500
51,000
812,000
2022
$
COST
$
DEPN
$
NBV
35,000
375,000
375,000
310,000 38,500
271,500
180,000 27,000 153,000
865,000 65,500 834,500
35,000
25,000
15,000
22,500
6,000 103,500
938,000
275,000
22,500
50,000
25,500
80.750 453,750
22,000
26,500
0
25,000
410,750
73,500
938,000

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