Advanced Financial Accounting - Basic Cash Flow Statement
AmazingExpertBelow, a comparative balance sheet for 1996 and 1995 are reprinted as at December 31 year-end. The Parent and the 70% stake Subsidiary are shown in the Balance Sheet.
Q Ltd.
Comparative Balance Sheet
| Consolidated 1996 | Consolidated 1995 |
Assets | ||
Cash | $ 790 | $ 840 |
Accounts receivable | 620 | 710 |
Inventory | 990 | 490 |
Plant and Equipment | 4,800 | 5,100 |
Accumulated depreciation | (1,800) | (1,980) |
Goodwill | 360 | 396 |
Total assets | $ 5,760 | $ 5,556 |
Liabilities | ||
Current liabilities | $ 1,250 | $ 1,780 |
Accrued liabilities | $ 288.4 | $ 120 |
Long term liabilities | $ 2,160 | $ 2,100 |
Total liabilities | 3,698.4 | 4,000 |
Non-controlling interest | 345.6 | 336 |
Common shares | 1,000 | 900 |
Retained earnings | 716 | 320 |
Total equities | 2,061.6 | 1,556 |
Total Liabilities and equities | $ 5,760 | $ 5,556 |
Details:
· In 1996 the subsidiary company paid dividends totaling $96,000
· Net income for 1996 was $480,000
· There was no change in Parent’s 70% interest during the year.
· Equipment that was worn out and obsolete was sold for $10,000 at the end of the year. The equipment originally cost $600,000 and had a net book value of $65,000 on the date it was retired.
Using the information above, produce a consolidated cash flow statement (IFRS, Canada).
11 years ago
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