BUSN1002 - Financial Accounting Processes - Finance Assignment Help

Assignment Task

ASSIGNMENT DETAILS
The financial statements of Pharmacy Adelaide Ltd appear below:
Pharmacy Adelaide Ltd Comparative Statements of Financial Position as at 30 June 2021

ASSETS 2020 2021
Cash at Bank 42,252 $ 31,625
Accounts Receivable 46,805 77,241
Consultation Service Receivable 1,265 2,530
Inventory 129,852 154,204
Prepaid Insurance 12,018 8,223
Land 135,355 106,893
Property, Plant and Equipment 259,325 392,150
Accumulated Depreciation – PP&E -50,600 -58,823
576,272 714,043
LIABILITIES
Accounts Payable 61,074 $ 79,316
Interest Payable 23,782 15,813
Income Tax Payable 1,265 2,530
Other Expenses Payable 17,078 18,975
Debentures Payable 312,291 347,875
Share Capital 98,797 171,534
Retained Earnings 61,985 78,000
576,272 714,043
Sales $ 216,700
Less : Cost of Sales -109,406
GROSS PROFIT 107,294
Add : Other Income
Consultation Service Revenue 22,550
Gain on Sale of Property, Plant & Equipment 5,500 28,050
135,344
Less: Expenses:
Interest Expense 3,234
Income Tax Expense 7,997
Other Operating Expenses 55,187 66,418
NET PROFIT $ 68,926

Additional information:
1. Property, Plant and Equipment costing $178,325 was purchased for cash during the year.
2. Property, Plant and Equipment costing $45,500 was sold during theyear.
3. Other operatingexpenses include $35,500 depreciation expense on Property,Plant and Equipment
4. All sales and purchases of inventory were on credit.
5. Land was sold at cost.
6. Ignore taxes.

Required:
1. Prepare the Statement of Cash Flows for Pharmacy Adelaide Ltd for the year ended 30 June 2021 using the direct method.
2. Reconcile profit and net cash provided (used) by operating activities using the indirect method.
Show allworkings as most of themarks will come from workings.

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