A comparative Statement of Financial Position of Aqua Ltd is presented below:
|
30 June 2012
|
30 June 2011
|
|
$
|
$
|
|
|
|
|
Cash
|
218,000
|
120,000
|
|
Trade receivables
|
204,000
|
184,000
|
|
Inventory
|
160,000
|
100,000
|
|
Land (at valuation)
|
62,000
|
50,000
|
|
Plant
|
520,000
|
460,000
|
|
Accumulated depreciation
|
(120,000)
|
(90,000)
|
|
1,044,000
|
824,000
|
|
|
|
|
Accounts payable
|
155,000
|
150,000
|
|
Accrued interest
|
16,000
|
12,000
|
|
Other accrued liabilities
|
43,000
|
45,000
|
|
Current tax payable
|
34,000
|
30,000
|
|
Provision for employee benefits
|
42,000
|
38,000
|
|
Dividend payable
|
60,000
|
-
|
|
Borrowings
|
105,000
|
95,000
|
|
Deferred tax liability
|
39,000
|
58,000
|
|
Share capital
|
380,000
|
350,000
|
|
Revaluation reserve
|
20,000
|
12,000
|
|
Retained earnings
|
150,000
|
34,000
|
|
1,044,000
|
824,000
|
|
Statement of Profit or Loss and Other Comprehensive Income
for the year ended 30 June 2012
|
|
$
|
|
|
|
Sales
|
3,580,000
|
|
Cost of sales
|
(2,864,000)
|
|
Gross profit
|
716,000
|
|
Gain on sale of plant
|
16,000
|
|
Dividend income
|
4,000
|
|
Distribution costs
|
(185,000)
|
|
Administrative costs
|
(160,000)
|
|
Interest expense
|
(8,000)
|
|
Other costs
|
(40,000)
|
|
Profit before tax
|
343,000
|
|
Income tax expense
|
(103,000)
|
|
Profit for the year
|
240,000
|
|
Other Comprehensive Income
|
|
|
Gain on asset revaluation (net of tax)
|
8,000
|
|
Total comprehensive income
|
248,000
|
Additional information:
- The land revaluation reserve increment for the year is net of deferred tax of $4,000.
- Plant with a carrying amount of $60,000 (cost $85,000, accumulated depreciation $25,000) was sold for $76,000.
- Accounts payable at 30 June 2012 include $22,000 in respect of plant acquisitions.
- There were borrowing repayments of $30,000 during the year.
- The increase in share capital of $30,000 arose from the company's dividend reinvestment scheme.
- Dividends declared out of profits for the year were: interim dividend $64,000, final dividend $60,000.
Required:
Using the direct method of presenting cash flows from operating activities, prepare a Statement of Cash Flows in accordance with AASB 107 for the year ended 30 June 2012, including a reconciliation of cash flows arising from operating activities and profit. Show all workings.