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Statement of Comprehensive Income for the year ended 31 December 2018 $,000 Revenue Cost of sales Gross profit Other expenses Finance costs Profit before tax Income tax expenses Profit for the year Other comprehensive income Gain on revaluation of property, plant & equipment Total comprehensive income for the year (ii) (iii) (iv) 1476 (962) 514 (157) (15) 342 ● (162) 180 Additional information: During 2018, amortisation of $60,000 was charged on development projects. During 2018 items of property, plant and equipment with a carrying amount of $103,000 were sold for $110,000. Profit on sale was netted off against other expenses'. Depreciation charged in the year on property, plant and equipment totalled $57,000. Altamont acquired $56,000 of property, plant and equipment by means of leases, payments being made in arrears on the last day of each accounting period. 100 280 The current asset investments are government bonds and management has decided to class them as cash equivalents. The new debentures were issued on 1 April 2017. Finance cost includes debenture interest and lease finance charges only. During the year Altamont made a 1 for 8 bonus issue, capitalising its retained earnings, followed by a rights issue. Required (a) Prepare a statement of cash flows for Altamont in accordance with IAS 7 using the indirect method.

Statement of Comprehensive Income for the year ended 31 December 2018 $,000 Revenue Cost of sales Gross profit Other expenses Finance costs Profit before tax Income tax expenses Profit for the year Other comprehensive income Gain on revaluation of property, plant & equipment Total comprehensive income for the year (ii) (iii) (iv) 1476 (962) 514 (157) (15) 342 ● (162) 180 Additional information: During 2018, amortisation of $60,000 was charged on development projects. During 2018 items of property, plant and equipment with a carrying amount of $103,000 were sold for $110,000. Profit on sale was netted off against other expenses'. Depreciation charged in the year on property, plant and equipment totalled $57,000. Altamont acquired $56,000 of property, plant and equipment by means of leases, payments being made in arrears on the last day of each accounting period. 100 280 The current asset investments are government bonds and management has decided to class them as cash equivalents. The new debentures were issued on 1 April 2017. Finance cost includes debenture interest and lease finance charges only. During the year Altamont made a 1 for 8 bonus issue, capitalising its retained earnings, followed by a rights issue. Required (a) Prepare a statement of cash flows for Altamont in accordance with IAS 7 using the indirect method.

Intermediate Financial Management (MindTap Course List)
Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter6: Accounting For Financial Management
Section: Chapter Questions
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Non-current assets Property, plant and equipment Development Expenditure Current assets Inventories Trade receivables Investments Cash Total assets Equity Share capital-$1 Ordinary shares Share premium Revaluation surplus Retained Earnings Non-Current liabilities 12% Debentures Finance Lease Liabilities Deferred Tax Current Liabilities Trade payables Finance Lease Liabilities Current Tax Debenture interest Bank overdraft Total equity and liabilities 2018 $'000 925 290 1,215 360 274 143 29 806 2021 500 350 160 229 1,239 150 100 48 298 274 17 56 132 484 2,021 2017 $'000 737 160 897 227 324 46 117 714 1611 400 100 60 255 815 100 80 45 225 352 12 153 54 571 1,611
Transcribed Image Text:Non-current assets Property, plant and equipment Development Expenditure Current assets Inventories Trade receivables Investments Cash Total assets Equity Share capital-$1 Ordinary shares Share premium Revaluation surplus Retained Earnings Non-Current liabilities 12% Debentures Finance Lease Liabilities Deferred Tax Current Liabilities Trade payables Finance Lease Liabilities Current Tax Debenture interest Bank overdraft Total equity and liabilities 2018 $'000 925 290 1,215 360 274 143 29 806 2021 500 350 160 229 1,239 150 100 48 298 274 17 56 132 484 2,021 2017 $'000 737 160 897 227 324 46 117 714 1611 400 100 60 255 815 100 80 45 225 352 12 153 54 571 1,611
Statement of Comprehensive Income for the year ended 31 December 2018 $,000 Revenue Cost of sales Gross profit Other expenses Finance costs Profit before tax Income tax expenses Profit for the year Other comprehensive income Gain on revaluation of property, plant & equipment Total comprehensive income for the year (i) (ii) (iii) (iv) (v) 1476 (962) 514 • (157) (15) 342 (162) 180 Additional information: During 2018, amortisation of $60,000 was charged on development projects. During 2018 items of property, plant and equipment with a carrying amount of $103,000 were sold for $110,000. Profit on sale was netted off against other expenses'. Depreciation charged in the year on property, plant and equipment totalled $57,000. Altamont acquired $56,000 of property, plant and equipment by means of leases, payments being made in arrears on the last day of each accounting period. 100 280 The current asset investments are government bonds and management has decided to class them as cash equivalents. The new debentures were issued on 1 April 2017. Finance cost includes debenture interest and lease finance charges only. During the year Altamont made a 1 for 8 bonus issue, capitalising its retained earnings, followed by a rights issue. Required (a) Prepare a statement of cash flows for Altamont in accordance with IAS 7 using the indirect method.
Transcribed Image Text:Statement of Comprehensive Income for the year ended 31 December 2018 $,000 Revenue Cost of sales Gross profit Other expenses Finance costs Profit before tax Income tax expenses Profit for the year Other comprehensive income Gain on revaluation of property, plant & equipment Total comprehensive income for the year (i) (ii) (iii) (iv) (v) 1476 (962) 514 • (157) (15) 342 (162) 180 Additional information: During 2018, amortisation of $60,000 was charged on development projects. During 2018 items of property, plant and equipment with a carrying amount of $103,000 were sold for $110,000. Profit on sale was netted off against other expenses'. Depreciation charged in the year on property, plant and equipment totalled $57,000. Altamont acquired $56,000 of property, plant and equipment by means of leases, payments being made in arrears on the last day of each accounting period. 100 280 The current asset investments are government bonds and management has decided to class them as cash equivalents. The new debentures were issued on 1 April 2017. Finance cost includes debenture interest and lease finance charges only. During the year Altamont made a 1 for 8 bonus issue, capitalising its retained earnings, followed by a rights issue. Required (a) Prepare a statement of cash flows for Altamont in accordance with IAS 7 using the indirect method.
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