ACC00724 - Accounting for Managers - Investment - Financial Position - Equity - Profit and Loss - Cash Flow - Financial Statements - Accounting and Finance Assignment Help

Assignment Details:

QUESTION 1

Top Cakeshop was established on 1 April 2019 with an initial investment of $100,000 by the owner (Jack Claff). During the first few weeks of business, the owner employed a part-time book-keeper who recorded the following list of accounts:

a. Assuming that the amounts above are correct, prepare a statement of financial position in vertical format illustrated on-page.
b. Prepare a statement of changes in equity for the period and determine the amount of profit (loss) made by the business during the period of its first few weeks of existence, assuming that the owner had invested an additional $20,000 into the business just before the above amounts were calculated by the book-keeper. (must show your calculations)
c. Why is it that, in an entity’s financial statements, assets leased by an entity are sometimes shown on that entity’s balance sheet even though those assets are not legally owned? Explain.

QUESTION 2
The following transactions were undertaken by ABC Pty Ltd during the financial year ended 30 June 2019.
1. Sold for $12,000 used machinery with a carrying amount of $75,000.
2. Issued ordinary shares for cash, $300,000.
3. Purchased land to be held for future expansion for $220,000.
4. Paid off a long-term $90,000 loan plus interest of $8,000.
5. Purchased machinery, giving $50,000 cash and signing a mortgage loan for $90,000.
6. Purchased shares in A Ltd to be held as an investment for $100,000 cash.
7. Sold a long-term government bond, with a carrying amount of $45,000, for $56,000, including $5,000 accrued interest.
8. Purchased shares in Rouge Ltd to be held as a long-term investment, paying $170,000 cash.
9. Issued 7% debentures for $500,000.
10.Paid cash dividends of $60,000.

Required:
a. Prepare the net cash flow used in investing activities section of the statement of cash flows. Must show your calculations.
b. Prepare the net cash flow used in financing activities section on the statement of cash flows. Must show your calculations.
c. What are the limitations of a statement of cash flows? Explain.

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