Filimini Plc Statement of Profit or Loss and Other Comprehensive Income for the year ended \( 31^{\text {st }} \) December 2022 \begin{tabular}{|l|r|} \hline \multicolumn{2}{|c|}{} \\ \hline Revenue & TZS." \( 000,000 " \) \\ \hline Cost of sales & 11,700 \\ \hline Gross profit & \( (10,400) \) \\ \hline Distribution costs & 1,300 \\ \hline Administration expenses & \( (520) \) \\ \hline Finance costs & \( (250) \) \\ \hline Profit Before Tax (PBT) & \( (50) \) \\ \hline Income tax expense & 480 \\ \hline Profit for the year & \( (60) \) \\ \hline Other comprehensive income & 420 \\ \hline Gains on property revaluations & 200 \\ \hline Other comprehensive income for the year, net of tax & 200 \\ \hline Total comprehensive income for the year, net of tax & 620 \\ \hline \end{tabular} 1. Property, Plant \& Equipment with a carrying value of TZS. \( 280,000,000 \) was sold during 2022 for TZS.290,000,000. This asset had originally cost TZS.450,000,000. 2. Depreciation of Property, Plant and Equipment during 2022 amounted to TZS. \( 400,000,000 \). 3. Dividends paid during 2022 amounted to TZS.50,000,000 are reported in the statement of changes in equity. Required: Prepare a Statement of Cash Flows for the year ended \( 31^{\text {st }} \) December 2022 for Filimini Plc in accordance with IAS 7: Statement of Cash Flows.
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To calculate the cash flows from operating activities, we need to adjust the profit for the year by adding back non-cash expenses and deducting non-cash income. In this case, we have the following adjustments: - Depreciation of Property, Plant and Equipment: Show more…
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According to the producer price index database maintained by the Bureau of Labor Statistics, the average cost of computer equipment fell 3.8 percent between January and December 2016. Let's see whether these changes are reflected in the income statement of Computer Tycoon Inc: for the year ended December 31, 2016. 2016 Sales Revenue: $139,500 Cost of Goods Sold: 76,700 Gross Profit: 62,800 Selling, General, and Administrative Expenses: 39,600 Interest Expense: 540 Income before Income Tax Expense: 22,660 Income Tax Expense: 6,300 Net Income: $16,360 2015 Sales Revenue: $113,000 Cost of Goods Sold: 66,500 Gross Profit: 46,500 Selling, General, and Administrative Expenses: 37,300 Interest Expense: 530 Income before Income Tax Expense: 8,670 Income Tax Expense: 2,100 Net Income: $6,570 Required: 1. Compute the gross profit percentage for each year. Assuming that the change from 2015 to 2016 is the beginning of a sustained trend, is Computer Tycoon likely to earn more or less gross profit from each dollar of sales in 2017? 2. Compute the net profit margin for each year. Given your calculations here and in requirement 1, explain whether Computer Tycoon did a better or worse job of controlling operating expenses in 2016 relative to 2015. 3. Computer Tycoon reported average net fixed assets of $55,500 in 2016 and $46,400 in 2015. Compute the fixed asset turnover ratios for both years. Did the company better utilize its investment in fixed assets to generate revenues in 2016 or 2015? 4. Computer Tycoon reported average stockholders' equity of $55,300 in 2016 and $42,100 in 2015. The company has not issued preferred stock. Compute the return on equity ratios for both years. Did the company generate greater returns for stockholders in 2016 than in 2015?
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Cash budgeting, budgeted balance sheet (Continuation of 6 -42) (Appendix) Refer to the information in Problem $6-42$ Budgeted balances at January 31,2018 are as follows: Customer invoices are payable within 30 days. From past experience, Skulas's accountant projects $40 \%$ of invoices will be collected in the month invoiced, and $60 \%$ will be collected in the following month. Accounts payable relates only to the purchase of direct materials. Direct materials are purchased on credit with $50 \%$ of direct materials purchases paid during the month of the purchase, and $50 \%$ paid in the month following purchase. Fixed manufacturing overhead costs include $ 64,000$ of depreciation costs and fixed nonmanufacturing overhead costs include $ 10,000$ of depreciation costs. Direct manufacturing labor and the remaining manufacturing and nonmanufacturing overhead costs are paid monthly. All property, plant, and equipment acquired during January 2018 were purchased on credit and did not entail any outflow of cash. There were no borrowings or repayments with respect to long-term liabilities in January 2018 On December $15,2017,$ Skulas's board of directors voted to pay a $ 160,000$ dividend to stockholders on January 31,2018 1. Prepare a cash budget for January $2018 .$ Show supporting schedules for the calculation of collection of receivables and payments of accounts payable, and for disbursements for fixed manufacturing and nonmanufacturing overhead. 2. Skulas is interested in maintaining a minimum cash balance of $ 120,000$ at the end of each month. Will Skulas be in a position to pay the $ 160,000$ dividend on January $31 ?$ 3. Why do Skulas's managers prepare a cash budget in addition to the revenue, expenses, and operating income budget? 4. Prepare a budgeted balance sheet for January 31,2018 by calculating the January 31,2018 balances in (a) cash (b) accounts receivable (c) inventory (d) accounts payable and (e) plugging in the balance for stockholders' equity.
Income statement and schedule of cost of goods manufactured. The following items (in millions) pertain to Schaeffer Corporation: Schaeffer's manufacturing costing system uses a three-part classification of direct materials, direct manufacturing labor, and manufacturing overhead costs. $$\begin{array}{lclr} {}{} {\text { For Specific Date }} & {}{} {\text { For Year 2017 }} \\ \hline \text { Work-in-process inventory, Jan. 1, 2017 } & \$ 10 & \text { Plant utilities } & \$ 8 \\ \text { Direct materials inventory, Dec. 31, 2017 } & 4 & \text { Indirect manufacturing labor } & 21 \\ \text { Finished-goods inventory, Dec. 31, 2017 } & 16 & \text { Depreciation- plant and equipment } & 6 \\ \text { Accounts payable, Dec. 31, 2017 } & 24 & \text { Revenues } & 359 \\ \text { Accounts receivable, Jan. 1, 2017 } & 53 & \text { Miscellaneous manufacturing } & 15 \\ & & \text { overhead } & \\ \text { Work-in-process inventory, Dec. 31, 2017 } & 5 & \text { Marketing, distribution, and } & 90 \\ & & \text { customer-service costs } & \\ \text { Finished-goods inventory, Jan 1, 2017 } & 46 & \text { Direct materials purchased } & 88 \\ \text { Accounts receivable, Dec. 31, 2017 } & 32 & \text { Direct manufacturing labor } & 40 \\ \text { Accounts payable, Jan. 1, 2017 } & 45 & \text { Plant supplies used } & 9 \\ \text { Direct materials inventory, Jan. 1, 2017 } & 34 & \text { Property taxes on plant } & 2 \end{array}$$ Prepare an income statement and a supporting schedule of cost of goods manufactured. (For additional questions regarding these facts, see the next problem.)
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