Advanced Financial Accounting - Basic Cash Flow Statement
SuperClassBelow, 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).
10 years ago
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