EXERCISES LESSON 7 0809 SOLUCIONADOS

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DEPARTAMENTO DE CONTABILIDAD Y ECONOMÍA FINANCIERA
ESCUELA UNIVERSITARIA DE ESTUDIOS EMPRESARIALES
FINANCIAL ACCOUNTING
(DIPLOMATURA EN CIENCIAS EMPRESARIALES, 2º CURSO, GRUPO 5)
2008-2009
EXERCISES LESSON 7
CASH FLOW STATEMENT
1
CASH FLOW STATEMENT: LESSON 7
EXERCISE 1 LESSON 7
Company ABC, created at the beginning of 2007, had at the beginning of 2008 a working capital
composed exclusively by cash. The cash account had a balance of 4.000 €. During 2008 the
operations of the company have been the following:
•
•
•
•
•
The services rendered during the year amount 600 € received in cash. Personnel expenses
and other operating expenses of 400 € have been paid in cash during the year.
The fixed assets depreciation expense for the year amounts 110 €.
The 1st of October the company obtained a long-term loan of 4.000 € from the CHASE
MANHATTAN BANK, which will be paid back at the end of 2012. The annual interest rate
is 3% on the total amount, payable at the beginning of each quarter.
At the end of the year the company has bought new fixed assets with a cost of 12.000 €:
8.000 paid in cash and the other 4.000 € will be paid in 24 months.
The tax rate is 30%.
REQUIRED: Prepare the Cash Flow Statement for year 2008.
EXERCISE 2 LESSON 7
Company ABC, created at the beginning of 2007, published the following financial statements at the end
of 2008:
ASSETS
2008
2007
A) NON-CURRENT ASSETS
II. Tangible fixed assets.
LIABILITIES
2008
2007
A) EQUITY
21,890
10,000
A-1) Shareholders' equity.
B) CURRENT ASSETS
I. Capital.
14,000
14,000
III. Trade accounts receivables and other r.
VII. Income for the year.
42
0
2. Long-term debt payable to credit institutions.
4,000
0
4,000
0
30
0
4. Salary payable
100
0
5. Liability for current tax.
18
0
TOTAL LIABILITIES
22,190
14,000
1. Trade accounts receivables for sale and services.
348
0
B) NON-CURRENT LIABILITIES
6. Other receivables from Public Authorities
1,824
0
II. Long-term debt.
VII. Cash and cash equivalents.
1. Cash.
(1,872)
4,000
5. Other financial liabilities
TOTAL ASSETS
22,190
14,000
C) CURRENT LIABILITIES
III. Short-term debt.
2. Short-term debt payable to credit institutions.
V. Trade accounts payables and other p.
2
2008
A) CONTINUING OPERATIONS
1. Net turnover.
600
6. Personnel expenses.
(400)
8. Fixed assets depreciation expense.
(110)
A.1) OPERATING INCOME (1+2+3+4+5+6+7+8+9+10+11)
90
13. Financial expenses.
(30)
A.2) FINANCIAL INCOME (12+13+14+15+16)
(30)
A.3) INCOME BEFORE TAXES (A.1+A.2)
60
17. Income tax.
(18)
A.4) INCOME FROM CONTINUING OPERATIONS (A.3+17)
42
A.5) INCOME FOR THE YEAR
42
During 2008 the operations of the company have been the following:
• The services rendered during the year amount 600 € (50% of these revenues have been collected in
cash during 2008). Personnel expenses were 400 € (75% of these expenses have been paid in cash
during 2008).
• The fixed assets depreciation expense for the year amounts 110 €.
• The 1st of October the company obtained a long-term loan of 4.000 € from the CHASE
MANHATTAN BANK, which will be paid back at the end of 2012. The annual interest rate is 3% on
the total amount, payable at the end of each semester.
• At the end of the year the company has bought new fixed assets with a cost of 12.000 €: 8.000 and the
V.A.T. paid in cash and the other 4.000 € will be paid in 24 months.
• The tax rate is 30%, payable in June of the next year.
• V.A.T. is 16%.
REQUIRED: Prepare the Cash Flow Statement for year 2008.
SOLUTION
JOURNAL 2008
348
348
400
Cash
Accounts receivables
Wages and salaries
110
4000
Tangible
expense
Cash
30
12000
1920
Interest expense
Tangible fixed assets
V.A.T. paid
to
to
600
510
Services rendered
Operating income
to
to
30
90
Financial income
Operating income
to
to
18
Income tax expense
to
fixed
assets
to
to
depreciation to
to
Services rendered
V.A.T. collected
Cash
Salary payable
Accumulated depreciation of
tangible fixed assets
Long-term loan payable to
financial institutions
Interest payable
Cash
Long-term debt with suppliers of
fixed assets
600
96
300
100
110
Operating income
Wages and salaries
Tangible
fixed
assets
depreciation expense
Interest expense
Financial income
Income before taxes
Payable to public authorities
600
400
110
4000
30
9920
4000
30
30
60
18
3
60
Income before taxes
96
1824
V.A.T. collected
Receivable from
(V.A.T.)
to
to
public
(Income tax)
Income tax expense
INCOME FOR THE YEAR
V.A.T. paid
18
42
1920
authorities
A) CASH FLOWS FROM OPERATING ACTIVITIES
1. Income before taxes
200X
60
2. Adjustments to income
a) Depreciation of fixed assets (+).
110
b) Value corrections for impairment (+/-).
c) Change in provisions (+/-).
d) Transfer of grants (-).
e) Income from disposal of non-current assets (+/-).
f) Income from disposal of financial instruments (+/-).
g) Financial revenues (-).
h) Financial expenses (+).
30
i) Exchange differences (+/-).
j) Change in fair value of financial instruments (+/-).
k) Other revenues and expenses (-/+).
3. Changes in working capital
a) Inventory (+/-).
b) Accounts receivables and other receivables (+/-).
-2172
c) Other current assets (+/-).
d) Accounts payables and other payables (+/-).
100
e) Other current liabilities (+/-).
f) Other non-current assets and liabilities (+/-).
4. Other cash flows from operating activities
a) Cash payments of interests (-).
b) Cash receipts of dividends (+).
c) Cash receipts of interests (+).
d) Cash receipts (payments) for income taxes (+/-).
e) Other cash payments (receipts) (-/+)
5. Cash flows from operating activities (+/-1+/-2+/-3+/-4)
-1872
B) CASH FLOWS FROM INVESTMENT ACTIVITIES
6. Cash payments for investments (-)
a) Subsidiaries and associated companies.
b) Intangible assets.
c) Tangible fixed assets.
-8000
d) Investment property.
e) Other financial assets.
f) Non-current assets held for sale.
g) Other assets.
7. Cash receipts from disinvestments (+)
a) Subsidiaries and associated companies.
b) Intangible assets.
4
c) Tangible fixed assets.
d) Investment property.
e) Other financial assets.
f) Non-current assets held for sale.
g) Other assets.
8. Cash flows from investment activities (7-6)
-8000
C) CASH FLOWS FROM FINANCING ACTIVITIES
9. Cash receipts and payments for equity instruments
a) Issuing of equity instruments (+).
b) Amortization of equity instruments (-).
c) Acquisition of the own equity instruments (-).
d) Disposal of the own equity instruments (+).
e) Grants, donations and legacies received (+).
10. Cash receipts and payments for debt instruments
a) Issuing of
1. Debentures and other negotiable securities (+).
2. Long term debt payable to credit institutions (+).
4000
3. Long term debt payable to subsidiaries and associated companies (+).
4. Other debt (+).
b) Refunds and amortization of
1. Debentures and other negotiable securities (-).
2. Long term debt payable to credit institutions (-).
3. Long term debt payable to subsidiaries and associated companies (-).
4. Other debt (-).
11. Cash payments of dividends and remuneration of other equity instruments.
a) Dividends (-).
b) Remuneration of other equity instruments (-).
12. Cash flows from financing activities (+/-9+/-10-11)
4000
D) Effect of changes in exchange rates
E) NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS
-5872
Cash and equivalents at the beginning of the period
4000
Cash and equivalents at the end of the period
-1872
EXERCISE 3 LESSON 7
Classify the following operations by type of activity according to the model of the Cash Flow
Statement established in the P.G.C. Indicate also the amount of the cash collection or payment.
Operations
Investing
Financing
No effect
Cash payment to a supplier for a purchase of
inventory made in the previous year: 1,000
Cash receipt from the shareholders to compensate
losses accumulated in previous years: 20,000
Cash receipt of a loan received from a financial
institution: 100,000
Cash payment of interests generated by a debt with
financial institutions: 3,400
Cash receipt from customers for sales made this year
and in the previous year: 8,000
5
Cash payment to the City Council for the local taxes:
500
Cash payment of the wages to the employees: 40,000
Cash payment the Tax Agency for the IRPF
withholdings to the employees: 4,200
Cash payment for the acquisition of an investment in
shares that are classified as held for trading: 3,000
Purchase of a machinery by 20,000. 30% of this
amount paid in 18 months time.
Cash payment to the Tax Agency for the income tax
of the previous year: 38,000
Increase in the fair value of the held for trading
portfolio: 1,100
Sale in cash by 26,000 of a land that had a book
value of 12,000
Cash payment of the rent of a building for November
and December of this year and January of next year:
570
Cash collection of a subvention from the City
Council to compensate operating losses: 40,000
Cash collection of a grant, obtained at the end of the
previous year, to finance the purchase of a new
machinery: 87,000
Transfer to income for the year of a portion of a
capital grant: 8,700
Cash payment of a fine of 45,200 for environmental
damage. The company had registered a long-term
provision of 46,000.
Increase in capital stock of 20,000 with a share
premium of 1,000. Uncalled subscribed capital
receivable is 10,000.
Income for the year is 15,000 and 10,000 are
distributed to dividends. The previous year the
company had paid 1,000 as dividends paid in
advance.
6
SOLUTION
Operations Investing Financing
Cash payment to a supplier for a purchase of
inventory made in the previous year: 1,000
Cash receipt from the shareholders to compensate
losses accumulated in previous years: 20,000
Cash receipt of a loan received from a financial
institution: 100,000
Cash payment of interests generated by a debt with
financial institutions: 3,400
Cash receipt from customers for sales made this
year and in the previous year: 8,000
Cash payment to the City Council for the local
taxes: 500
Cash payment of the wages to the employees:
40,000
Cash payment the Tax Agency for the IRPF
withholdings to the employees: 4,200
Cash payment for the acquisition of an investment
in shares that are classified as held for trading:
3,000
Purchase of a machinery by 20,000. 30% of this
amount paid in 18 months time.
Cash payment to the Tax Agency for the income
tax of the previous year: 38,000
Increase in the fair value of the held for trading
portfolio: 1,100
Sale in cash by 26,000 of a land that had a book
value of 12,000
Cash payment of the rent of a building for
November and December of this year and January
of next year: 570
Cash collection of a subvention from the City
Council to compensate operating losses: 40,000
Cash collection of a grant, obtained at the end of
the previous year, to finance the purchase of a new
machinery: 87,000
Transfer to income for the year of a portion of a
capital grant: 8,700
Cash payment of a fine of 45,200 for
environmental damage. The company had
registered a long-term provision of 46,000.
Increase in capital stock of 20,000 with a share
premium of 1,000. Uncalled subscribed capital
receivable is 10,000.
Income for the year is 15,000 and 10,000 are
distributed to dividends. The previous year the
company had paid 1,000 as dividends paid in
advance.
No
effect
(1,000)
20,000
100,000
(3,400)
8,000
(500)
(40,000)
(4,200)
(3,000)
(14,000)
(38,000)
XXX
26,000
(570)
40,000
87,000
XXX
(45,200)
11,000
(9,000)
7
EXERCISE 4 LESSON 7
Company ABC, Ltd. has disclosed the following financial statements at the end of year 2009.
Assets
Constructions
Machinery
Long-term receivable from buyers of
fixed assets
Inventories (finished products)
Accounts receivable
2009
1,800
4,950
50
1,500
2,700
Receivable from public authorities
(capital grants)
200
Cash
650
Total
11,850
2008
Equity and Liabilities
2,000 Capital stock
5,300 Legal reserves
2009
5,550
850
5,000
700
506
400
- 200
280
-
1,024
120
1,324
-
700
1,220
2,250
570
200
11,850
2,950
750
116
12,460
- Income for the year
2,200 Dividends paid in advance
2,250 Capital grants
Long-term debt payable to
- credit institutions
Deferred tax liability
Short-term debt payable to
710
credit institutions
Accounts payable for purchases
Accounts payable for services
Liability for current tax
12,460 Total
2008
2009
A) CONTINUING OPERATIONS
1. Net turnover.
30,176
a) Sales.
30,176
4. Procurements.
(20,700)
a) Consumption of goods for sale.
(20,700)
7. Other operating expenses.
(7,670)
a) Outside services.
(7,620)
c) Losses, impairment and change in provisions for trade operations.
8. Fixed assets depreciation expense.
(50)
(1,200)
11. Impairment and income from disposal of non-current assets.
50
b) Income from disposals and others.
50
A.1) OPERATING INCOME (1+2+3+4+5+6+7+8+9+10+11)
656
12. Financial revenues.
50
b) From marketable securities and other financial instruments.
50
A.2) FINANCIAL INCOME (12+13+14+15+16)
50
A.3) INCOME BEFORE TAXES (A.1+A.2)
17. Income tax.
706
(200)
A.4) INCOME FROM CONTINUING OPERATIONS (A.3+17)
506
A.5) INCOME FOR THE YEAR (A.4+18)
506
COMPLEMENTARY INFORMATION:
1.- During 2009 the company made the distribution of 2008 net income. A portion of this income was
distributed as reserves and another was paid as dividends in 2009. Moreover, the company made a
payment of interim dividends at the beginning of June.
2.- A machinery was sold during 2009 for 100 m.u. Its adquisition price was 250 m.u. and the
accumulated depreciation was 200 m.u. A new machinery has also been bought with a cost of 700 m.u.
REQUIRED: Prepare the Cash Flow Statement for 2009.
8
SOLUTION
A) CASH FLOWS FROM OPERATING ACTIVITIES
2009
706
1. Income before taxes
2. Adjustments to income
a) Depreciation of fixed assets (+).
e) Income from disposal of non-current assets (+/-).
g) Financial revenues (-).
3. Changes in working capital
1.200
-
50
-
50
700
a) Inventory (+/-).
b) Accounts receivables and other receivables (+/-).
d) Accounts payables and other payables (+/-).
4. Other cash flows from operating activities
-
450
-
880
50
c) Cash receipts of interests (+).
d) Cash receipts (payments) for income taxes (+/-).
5. Cash flows from operating activities (+/-1+/-2+/-3+/-4)
-
116
1.110
B) CASH FLOWS FROM INVESTMENT ACTIVITIES
6. Cash payments for investments (-)
c) Tangible fixed assets.
-700
7. Cash receipts from disinvestments (+)
c) Tangible fixed assets.
8. Cash flows from investment activities (7-6)
50
-650
C) CASH FLOWS FROM FINANCING ACTIVITIES
9. Cash receipts and payments for equity instruments
a) Issuing of equity instruments (+).
e) Grants, donations and legacies received (+).
10. Cash receipts and payments for debt instruments
550
200
b) Refunds and amortization of
4. Other debt (-).
11. Cash payments of dividends and remuneration of other equity instruments.
-820
a) Dividends (-).
12. Cash flows from financing activities (+/-9+/-10-11)
-450
-520
D) Effect of changes in exchange rates
E) NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS
-60
Cash and equivalents at the beginning of the period
710
Cash and equivalents at the end of the period
650
9
EXERCISE 5 LESSON 7
Company XYZ, Ltd. has published the following financial statements in year 2009:
Assets
Tangible fixed assets
Long term financial investments
Inventories
Accounts receivable
Cash
Total
2009
2008 Equity and Liabilities
23,350 23,300 Capital stock
15,100 15,500 Legal reserves
11,850 10,900 Income for the year
9,200 8,600 Capital subventions
500
700 Long-term debt payable to credit institut.
Deferred tax liability
Short-term debt payable to credit institut.
Interest payable
Accounts payable for purchases
Liability for current tax
60,000 59,000 Total
2009
2008
35,000 35,000
9,650 9,000
1,950 1,300
560
630
2,400
240
270
600
800
75
8,475 11,300
1,050
700
60,000 59,000
2009
A) CONTINUING OPERATIONS
1. Net turnover.
a) Sales.
4. Procurements.
a) Consumption of goods for sale.
6. Personnel expenses.
a) Wages, salaries and similar expenses.
7. Other operating expenses.
a) Outside services.
8. Fixed assets depreciation expense.
9. Transfer of grants of non-financial non-current assets and others.
11. Impairment and income from disposal of non-current assets.
b) Income from disposals and others.
A.1) OPERATING INCOME (1+2+3+4+5+6+7+8+9+10+11)
12. Financial revenues.
a) From holdings in equity instruments.
13. Financial expenses.
b) Of third parties.
16. Impairment and income from disposal of financial instruments.
a) Impairment and losses.
A.2) FINANCIAL INCOME (12+13+14+15+16)
A.3) INCOME BEFORE TAXES (A.1+A.2)
17. Income tax.
A.4) INCOME FROM CONTINUING OPERATIONS (A.3+17)
A.5) INCOME FOR THE YEAR (A.4+18)
20,150
20,150
-11,850
- 11,850
- 1,800
- 1,800
- 800
- 800
- 2,100
100
- 250
- 250
3,450
50
50
- 100
- 100
- 400
- 400
-450
3,000
- 1,050
1,950
1,950
Additional information:
− The 15th of June of 2009 the company made the distribution of the income of the previous year, half
of it was taken to reserves and the other half was paid as dividends.
− The 1st of October of 2009 a vehicle was sold in cash for 600 m.u. This vehicle had been bought the
1st of January of 2004 for 2,000 m.u. and has been depreciated by a 10% each year.
− The 30th of September of 2009 a new vehicle was bought with a cost of 3,000 m.u. To finance the
purchase, that same day the company obtained a loan form a financial institution for the same
amount, which will be given back in 5 years at equal amounts. The annual interest is 10% on the
outstanding amount and will be paid at the end of each year.
− The 12th of February of 2009 the company paid the final portion of a long-term loan received in a
previous year.
REQUIRED: Prepare the Cash Flow Statement for year 2009.
10
SOLUTION
A) CASH FLOWS FROM OPERATING ACTIVITIES
2009
3.000
1. Income before taxes
2. Adjustments to income
a) Depreciation of fixed assets (+).
2.100
b) Value corrections for impairment (+/-).
d) Transfer of grants (-).
400
-
e) Income from disposal of non-current assets (+/-).
g) Financial revenues (-).
100
250
-
50
100
h) Financial expenses (+).
3. Changes in working capital
a) Inventory (+/-).
-
950
b) Accounts receivables and other receivables (+/-).
-
600
-
2.825
-
25
d) Accounts payables and other payables (+/-).
4. Other cash flows from operating activities
a) Cash payments of interests (-).
50
b) Cash receipts of dividends (+).
d) Cash receipts (payments) for income taxes (+/-).
5. Cash flows from operating activities (+/-1+/-2+/-3+/-4)
-
700
650
B) CASH FLOWS FROM INVESTMENT ACTIVITIES
6. Cash payments for investments (-)
c) Tangible fixed assets.
-3000
7. Cash receipts from disinvestments (+)
c) Tangible fixed assets.
8. Cash flows from investment activities (7-6)
600
-2400
C) CASH FLOWS FROM FINANCING ACTIVITIES
10. Cash receipts and payments for debt instruments
a) Issuing of
2. Long term debt payable to credit institutions (+).
3000
b) Refunds and amortization of
2. Long term debt payable to credit institutions (-).
11. Cash payments of dividends and remuneration of other equity instruments.
a) Dividends (-).
12. Cash flows from financing activities (+/-9+/-10-11)
-800,00
-650
1550
D) Effect of changes in exchange rates
E) NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS
-200
Cash and equivalents at the beginning of the period
700
Cash and equivalents at the end of the period
500
11
EXERCISE 6 LESSON 7
Company ARTEL, Ltd, has available the following information at the end of X1:
BALANCE SHEET AT THE END OF X1
31/12/X1
A) NON-CURRENT ASSETS
II. Tangible fixed assets
1. Land and structures
B) CURRENT ASSETS
II. Inventory
1. Comercial
6. Advances to suppliers
III. Trade accounts receivables and other receivables
1. Trade accounts receivables for sale and services
3. Sundry accounts receivables
V. Short-term financial investments
1. Holdings in equity
VI. Accrual accounts
VII. Cash and cash equivalents
1. Cash
TOTAL ASSETS
630
630
700
700
820
770
50
615
615
---
260
260
---
310
280
30
25
25
15
15
20
40
40
---20
20
1,795
31/12/X1
A) EQUITY
A-1) Equity
I. Capital
1. Registered capital
III. Reserves
1. Legal and statutory
VII. Income for the year
VIII. (Dividends paid in advance)
B) NON-CURRENT LIABILITIES
II. Long term debt
2. Long term debt payable to credit institutions
C) CURRENT LIABILITIES
III. Short term debt
2. Short term debt payable to credit institutions
5. Other financial liabilities
V. Trade accounts payable and other payables
1. Trade accounts payable for purchases and services
3. Sundry accounts payable
5. Liability for current tax
6. Other payables to public authorities
VI. Accrual accounts
TOTAL LIABILITIES
31/12/X0
1,660
31/12/X0
805
805
675
675
370
370
395
395
98
(50)
52
---
89
---
89
--110
160
160
---
--110
373
270
35
18
50
328
256
60
12
---
---1,795
50
1,660
The list of expenses and revenues that compose the income of year X1 are the following:
12
Sales revenue
Other operating revenue
Profits from held for trading portfolio
Consumption of goods for sale
Personnel expenses
Depreciation of tangible fixed assets
External services
Financial expenses
Losses from the sale of tangible fixed assets
Reversion of impairment of tangible fixed assets
Sale discounts for early payments
Income tax expense
Income for the year
Amount
4,800
70
10
3,120
1,222
30
33
103
150
10
100
34
98
Additional information:
1.- The distribution of income of year X0 is the following: 40 m.u. are distributed to reserves and
12 m.u. were paid as dividends.
Moreover, in X1 the company has paid a dividend in advance of the income of that year, as it can
be seen from the balance sheet.
2.- A building has been sold in cash. The acquisition price had been 270 m.u. and the
accumulated depreciation in the moment of the sale was 60 m.u.
At the end of the year a new building was bought with a cost of 160 m.u. (50 m.u. were paid in
cash and the remaining will be paid at the end of next year).
These are the only transactions with the tangible fixed assets.
3.- At the end of X1 the company has obtained a long-term loan of 92 m.u. from a financial
institution. The opening fees were 3.2 %.
4.- The company has issued capital stock. Half of the amount has been paid by the shareholders
and the other half has been transferred from reserves.
5.- Accrual accounts in the current assets are interest paid in advance that correspond to the debt
with financial institutions. Accrual accounts in the current liabilities are revenues received in
advance.
6.- The profits from the held from trading portfolio were registered at the end of the year for the
valuation at fair value of that portfolio.
REQUIRED: Prepare the Cash Flow Statement of year X1.
13
SOLUTION
A) CASH FLOWS FROM OPERATING ACTIVITIES
1. Income before taxes
2. Adjustments to income
a) Depreciation of fixed assets (+).
b) Value corrections for impairment (+/-).
c) Change in provisions (+/-).
d) Transfer of grants (-).
e) Income from disposal of non-current assets (+/-).
f) Income from disposal of financial instruments (+/-).
g) Financial revenues (-).
h) Financial expenses (+).
j) Change in fair value of financial instruments (+/-).
3. Changes in working capital
a) Inventory (+/-).
b) Accounts receivables and other receivables (+/-).
d) Accounts payables and other payables (+/-).
e) Other current liabilities (+/-).
4. Other cash flows from operating activities
a) Cash payments of interests (-).
d) Cash receipts (payments) for income taxes (+/-).
5. Cash flows from operating activities (+/-1+/-2+/-3+/-4)
B) CASH FLOWS FROM INVESTMENT ACTIVITIES
6. Cash payments for investments (-)
c) Tangible fixed assets.
7. Cash receipts from disinvestments (+)
c) Tangible fixed assets.
8. Cash flows from investment activities (7-6)
C) CASH FLOWS FROM FINANCING ACTIVITIES
9. Cash receipts and payments for equity instruments
a) Issuing of equity instruments (+).
10. Cash receipts and payments for debt instruments
a) Issuing of
2. Long term debt payable to credit institutions (+).
b) Refunds and amortization of
2. Long term debt payable to credit institutions (-).
11. Cash payments of dividends and remuneration of other equity instruments.
a) Dividends (-).
12. Cash flows from financing activities (+/-9+/-10-11)
D) Effect of changes in exchange rates
E) NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS
Cash and equivalents at the beginning of the period
Cash and equivalents at the end of the period
132
263
30
-10
0
0
150
0
0
103
-10
-166
-205
50
39
-50
-151
-123
-28
78
-50
-50
60
60
10
65
65
-71
89
-160
-62
-62
-68
20
20
40
14
EXERCISE 7 LESSON 7
Company G-3, Ltd discloses the following information:
INCOME STATEMENT 31/12/20X1
A) CONTINUING OPERATIONS
1. Net turnover.
a) Sales.
4. Procurements.
a) Consumption of goods for sale.
d) Impairment of goods for sale.
5. Other operating revenues.
a) Accessory and other ordinary income.
6. Personnel expenses.
a) Wages, salaries and similar expenses.
b) Employee welfare expenses.
7. Other operating expenses.
a) Outside services.
b) Taxes other than income tax.
8. Fixed assets depreciation expense.
9. Transfers of grants of non-financial non-current assets and others.
A-1) OPERATING INCOME
20X1
13. Financial expenses.
b) Of third parties.
A-2) FINANCIAL INCOME
(75.000)
(75.000)
(75.000)
2.900.000
A-3) INCOME BEFORE TAXES
(590.000)
17. Income tax.
2.310.000
2.310.000
A-4) INCOME FROM CONTINUING OPERATIONS
A-5) INCOME FOR THE YEAR
BALANCE SHEET AT THE END OF 20X1
A) NON-CURRENT ASSETS
II. Tangible fixed assets.
1. Land and structures.
V. Long-term financial investments.
1. Holdings in equity.
B) CURRENT ASSETS
II. Inventories.
1. Commercial.
6. Advances to suppliers.
III. Trade accounts receivables and other receivables.
1. Trade accounts receivables for sale and services
3. Sundry accounts receivables.
V. Short-term financial investments.
1. Holdings in equity.
VI. Accrual accounts.
VII. Cash and cash equivalents.
TOTAL ASSETS
17.150.000
17.150.000
(10.475.000)
(10.500.000)
25.000
500.000
500.000
(3.425.000)
(2.250.000)
(1.175.000)
(650.000)
(150.000)
(500.000)
(250.000)
125.000
2.975.000
31/12/X1
31/12/X0
15.250.000 12.500.000
15.250.000 12.500.000
140.000
100.000
140.000
100.000
2.975.000 3.700.000
2.475.000 3.450.000
500.000
250.000
1.050.000
770.000
1.000.000
750.000
50.000
20.000
200.000
200.000
12.000
710.000
150.000
20.137.000 17.420.000
15
31/12/X1
31/12/X0
A) EQUITY
A-1) Shareholders’ equity.
I. Capital.
10.250.000 10.000.000
1. Registered capital.
11.000.000 10.000.000
2. (Uncalled subscribed capital).
(750.000)
II. Additional paid-in capital.
250.000
III. Reserves.
2.000.000 1.200.000
1. Legal and statutory.
2.000.000 1.200.000
VII. Income for the year.
2.310.000 1.500.000
A-2) Adjustments for changes in value
I. Financial instruments available for sale.
28.000
A-3) Grants, donations and legacies received.
612.500
B) NON-CURRENT LIABILITIES
I. Long-term provisions.
250.000
4. Other provisions.
250.000
II. Long-term debt.
900.000
3. Long-term debt from leasing contracts.
900.000
IV. Deferred tax liability
274.500
C) CURRENT LIABILITIES
III. Short-term debt.
1.100.000 3.000.000
2. Short-term debt payable to credit institutions.
1.000.000 3.000.000
3. Short-term debt from leasing contracts.
100.000
V. Trade accounts payables and other payables.
2.162.000 1.720.000
1. Trade accounts payables for sale and services.
1.175.000 1.000.000
3. Sundry accounts payables.
87.000
95.000
5. Liability for current tax.
500.000
325.000
6. Other payables to public authorities.
400.000
300.000
TOTAL LIABILITIES 20.137.000 17.420.000
ADDITIONAL INFORMATION:
1. Accrual accounts refer to interest paid in advance for the interest expenses of a short-term debt with
credit institutions.
2. Distribution of income of X0 has been the following: Legal reserve 800,000; Dividends 700,000.
3. The company issued new capital stock: 1,000 shares were issued at a nominal value of 1,000 m.u. and
an issuing value of 1,250 m.u.
4. The capital grant was obtained at the beginning of X1.
5. At the beginning of the year a long-term provision was registered to account for the risk of paying a
possible compensation to an employee for an accident in the workplace.
6. In June of X1 the company sold in cash the holdings in equity that had as a short-term investment and
that were considered as held for trading. These shares were acquired in X0 for a price of 190,000 m.u. and
their value was increased at the end of year X0 because of an increase in its fair value.
7. Land and structures has the following breakdown:
Land
Structures
Accumulated depreciation of structures
31/12/X1
31/12/X0
5.000.000
4.000.000
12.000.000
10.000.000
(1.750.000)
(1.500.000)
The debt from leasing contracts corresponds to the acquisition of a new building with a cost of
1,000,000 m.u.
REQUIRED: Prepare the Cash Flow Statement of year X1.
16
SOLUTION
A) CASH FLOWS FROM OPERATING ACTIVITIES
1. Income before taxes
2. Adjustments to income
a) Depreciation of fixed assets (+).
b) Value corrections for impairment (+/-).
c) Change in provisions (+/-).
d) Transfer of grants (-).
e) Income from disposal of non-current assets (+/-).
f) Income from disposal of financial instruments (+/-).
g) Financial revenues (-).
h) Financial expenses (+).
i) Exchange differences (+/-).
j) Change in fair value of financial instruments (+/-).
k) Other revenues and expenses (-/+).
3. Changes in working capital
a) Inventory (+/-).
b) Accounts receivables and other receivables (+/-).
c) Other current assets (+/-).
d) Accounts payables and other payables (+/-).
e) Other current liabilities (+/-).
f) Other non-current assets and liabilities (+/-).
4. Other cash flows from operating activities
a) Cash payments of interests (-).
b) Cash receipts of dividends (+).
c) Cash receipts of interests (+).
d) Cash receipts (payments) for income taxes (+/-).
e) Other cash payments (receipts) (-/+)
5. Cash flows from operating activities (+/-1+/-2+/-3+/-4)
B) CASH FLOWS FROM INVESTMENT ACTIVITIES
6. Cash payments for investments (-)
a) Subsidiaries and associated companies.
b) Intangible assets.
c) Tangible fixed assets.
d) Investment property.
e) Other financial assets.
f) Non-current assets held for sale.
g) Other assets.
7. Cash receipts from disinvestments (+)
a) Subsidiaries and associated companies.
b) Intangible assets.
c) Tangible fixed assets.
d) Investment property.
e) Other financial assets.
f) Non-current assets held for sale.
200X
2.900.000
250.000
-
250.000
125.000
75.000
-
725.000
280.000
267.000
-
87.000
-
415.000
3.560.000
-
2.000.000
200.000
17
g) Other assets.
8. Cash flows from investment activities (7-6)
C) CASH FLOWS FROM FINANCING ACTIVITIES
9. Cash receipts and payments for equity instruments
a) Issuing of equity instruments (+).
b) Amortization of equity instruments (-).
c) Acquisition of the own equity instruments (-).
d) Disposal of the own equity instruments (+).
e) Grants, donations and legacies received (+).
10. Cash receipts and payments for debt instruments
a) Issuing of
1. Debentures and other negotiable securities (+).
2. Long term debt payable to credit institutions (+).
3. Long term debt payable to subsidiaries and associated
companies (+).
4. Other debt (+).
b) Refunds and amortization of
1. Debentures and other negotiable securities (-).
2. Long term debt payable to credit institutions (-).
3. Long term debt payable to subsidiaries and associated
companies (-).
4. Other debt (-).
11. Cash payments of dividends and remuneration of other equity
instruments.
a) Dividends (-).
b) Remuneration of other equity instruments (-).
12. Cash flows from financing activities (+/-9+/-10-11)
D) Effect of changes in exchange rates
E) NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS
Cash and equivalents at the beginning of the period
Cash and equivalents at the end of the period
-
1.800.000
500.000
1.000.000
-
2.000.000
-
700.000
-
1.200.000
560.000
150.000
710.000
18
EXERCISE 8 LESSON 7 – From exam of course 0708
Company XYZ, Ltd. has prepared the following financial Statements at the end of 2009:
ASSETS
2009
2008
LIABILITIES
A) NON-CURRENT ASSETS
18.790.000
13.950.000 A) EQUITY
2009
2008
12.100.000
8.000.000
I. Intangible assets.
8.750.000
7.000.000 A-1) Shareholders' equity.
11.050.000
7.300.000
1. Development.
5.000.000
5.000.000 I. Capital.
7.500.000
5.000.000
5. Computer software.
3.750.000
2.000.000
1. Registered capital.
8.000.000
5.000.000
II. Tangible fixed assets.
9.240.000
6.050.000
2. (Uncalled subscribed capital).
1. Land and structures.
5.750.000
4.950.000 III. Reserves.
2.300.000
2.600.000
2. Plant and machinery, tools, furniture
and other tangible assets.
3.490.000
1.100.000 1. Legal and statutory.
1.600.000
1.600.000
III. Investment property.
800.000
900.000 2. Other reserves.
2. Structures.
800.000
900.000 VII. Income for the year.
B) CURRENT ASSETS
2.795.000
2.450.000 VIII. (Dividends paid in advance).
-
500.000
700.000
1.450.000
-
1.000.000
-
300.000
200.000
II. Inventories.
900.000
A-3) Grants, donations and legacies
950.000
received.
1. Commercial (goods for sale).
900.000
950.000 B) NON-CURRENT LIABILITIES
400.000
750.000 I. Long-term provisions.
500.000
500.000
400.000
600.000 4. Other provisions.
500.000
500.000
-
150.000 II. Long-term debt.
3.250.000
3.000.000
1.500.000
3.000.000
III. Trade accounts receivables and
other receivables.
1. Trade accounts receivables for sale
and services.
3. Sundry accounts receivables.
V. Short-term financial investments.
1.000.000
1. Holdings in equity.
500.000
2. Loans to companies (Short-term
receivable from buyers of fixed assets)
500.000
VI. Accrual accounts.
250.000
VII. Cash and cash equivalents.
245.000
TOTAL ASSETS
21.585.000
-
2. Long-term debt payable to credit
institutions.
5. Other financial liabilities (Long-term debt
with suppliers of tangible fixed assets).
IV. Deferred tax liability.
50.000 C) CURRENT LIABILITIES
700.000 III. Short-term debt.
2. Short-term debt payable to credit
16.400.000
institutions.
V. Trade accounts payables and other
payables.
1. Trade accounts payables for purchases
and services.
3. Sundry accounts payable.
4. Salary payable.
1.050.000
700.000
4.200.000
3.800.000
1.750.000
450.000
300.000
5.285.000
4.600.000
2.150.000
2.070.000
2.150.000
2.070.000
3.135.000
2.530.000
1.000.000
850.000
950.000
150.000
50.000
300.000
5. Liability for current tax.
395.000
6. Other payables to public authorities.
740.000
7. Customer advances.
TOTAL LIABILITIES
21.585.000
1.030.000
200.000
16.400.000
19
2009
A) CONTINUING OPERATIONS
1. Net turnover.
a) Sales.
4. Procurements.
a) Consumption of goods for sale.
d) Impairment of goods for sale, raw materials and other consumables.
5. Other operating revenues.
a) Accesory and other ordinary income.
6. Personnel expenses.
a) Wages, salaries and similar expenses.
7. Other operating expenses.
a) Outside services.
8. Fixed assets depreciation expense.
9. Transfer of grants of non-financial non-current assets and others.
11. Impairment and income from disposal of non-current assets.
a) Impairment and losses (reversion of impairment)
b) Income from disposals and others.
A.1) OPERATING INCOME (1+2+3+4+5+6+7+8+9+10+11)
12. Financial revenues.
b) From marketable securities and other financial instruments.
b 2) Of third parties.
13. Financial expenses.
b) Of third parties.
14. Change in fair value of financial instruments.
a) Held for trading and others.
A.2) FINANCIAL INCOME (12+13+14+15+16)
A.3) INCOME BEFORE TAXES (A.1+A.2)
17. Income tax.
A.4) INCOME FROM CONTINUING OPERATIONS (A.3+17)
-
-
-
-
-
20.000.000
20.000.000
11.850.000
12.000.000
150.000
1.000.000
1.000.000
3.000.000
3.000.000
3.200.000
3.200.000
700.000
100.000
300.000
300.000
2.350.000
50.000
50.000
50.000
500.000
500.000
50.000
50.000
400.000
1.950.000
500.000
1.450.000
1. The profits from the held from trading portfolio were registered at the end of the year for the
valuation at fair value of that portfolio.
2. The losses of year 2008 have been compensated against reserves. Moreover, in 2009 the company has
paid a dividend in advance of the income of that year, as it can be seen from the balance sheet.
3. Accrual accounts in the current assets are expenses paid in advance.
4. A new grant has been received at the end of 2009 for the acquisition of new machinery. The company
has also registered the transfer to income of the corresponding portion of a previous grant.
5. The breakdown of the short-term debt with credit institutions is the following:
Short-term debt with credit
institution
Interest payable
31/12/2009
31/12/2008
2,000,000
2,000,000
150,000
70,000
REQUIRED: Prepare the Cash Flow Statement of year 2009 (only cash flows from operations and cash
flows from financing activities).
20
SOLUTION
A) CASH FLOWS FROM OPERATING ACTIVITIES
1. Income before taxes
2. Adjustments to income
a) Depreciation of fixed assets (+).
b) Value corrections for impairment (+/-).
d) Transfer of grants (-).
e) Income from disposal of non-current assets (+/-).
g) Financial revenues (-).
h) Financial expenses (+).
j) Change in fair value of financial instruments (+/-).
3. Changes in working capital
a) Inventory (+/-).
b) Accounts receivables and other receivables (+/-).
c) Other current assets (+/-).
d) Accounts payables and other payables (+/-).
4. Other cash flows from operating activities
a) Cash payments of interests (-).
c) Cash receipts of interests (+).
d) Cash receipts (payments) for income taxes (+/-).
5. Cash flows from operating activities (+/-1+/-2+/-3+/-4)
C) CASH FLOWS FROM FINANCING ACTIVITIES
9. Cash receipts and payments for equity instruments
a) Issuing of equity instruments (+).
e) Grants, donations and legacies received (+).
10. Cash receipts and payments for debt instruments
b) Refunds and amortization of
2. Long term debt payable to credit institutions (-).
11. Cash payments of dividends and remuneration of other equity
instruments.
a) Dividends (-).
12. Cash flows from financing activities (+/-9+/-10-11)
-
-
200X
1.950.000
1.000.000
700.000
300.000
100.000
300.000
50.000
500.000
50.000
410.000
50.000
350.000
200.000
210.000
475.000
420.000
50.000
105.000
2.885.000
-
3.100.000
2.500.000
600.000
1.500.000
-
1.500.000
-
200.000
200.000
1.400.000
21
EXERCISE 9 LESSON 7 – From exam of course 0708
Company XYZ, Ltd. has prepared the following financial Statements at the end of 2009:
ASSETS
A) NON-CURRENT ASSETS
2009
27.050
2008 LIABILITIES
21.050 A) EQUITY
I. Intangible assets.
3.000
3.050 A-1) Shareholders' equity.
3. Intelectual property, trademarks and others.
3.000
3.050 I. Capital.
II. Tangible fixed assets.
1. Land and structures.
2. Plant and machinery, tools, furniture and other.
20.700
13.500
5.700
2.500
15.000
1. Registered capital.
2. (Uncalled subscribed capital).
11.000 III. Reserves.
2009
2008
25.644,5
19.510
24.227
18.425
20.000
14.700
20.000
20.000
-
- 5.300
3.200
2.800
III. Investment property.
1.900
2.000 1. Legal and statutory.
1.800
1.800
2. Structures.
1.900
2.000 2. Other reserves.
1.400
1.000
V. Long-term financial investments.
1.450
2.500 VII. Income for the year.
1.027
925
1. Holdings in equity.
1.450
2.500 A-2) Adjustments for changes in value.
157,5
35
B) CURRENT ASSETS
3.222
4.025 I.
157,5
35
II. Inventories.
1.400
900 received.
1. Commercial (goods for sale).
1.400
900 B) NON-CURRENT LIABILITIES
Financial instruments available for sale.
A-3) Grants, donations and legacies
1.260
2.107,5
1.050
2.965
III. Trade accounts receivables and other
receivables.
440
500 I. Long-term provisions.
500
500
1. Trade accounts receivables for sale and services.
100
200 2. Environmental actions.
500
500
3. Sundry accounts receivables.
300
250 II. Long-term debt.
1.000
2.000
4. Employee receivables.
40
V. Short-term financial investments.
60
1. Holdings in equity.
600
2. Loans to companies.
VI. Accrual accounts.
VII. Cash and cash equivalents.
TOTAL ASSETS
10
772
30.272
50 2. Long-term debt payable to credit institutions.
1.000
2.000
607,5
465
500 C) CURRENT LIABILITIES
2.520
2.600
550 III. Short-term debt.
2.010
2.010
2.010
2.010
510
590
80
50
50
20
300
200
80
220
-
100
1.050 IV. Deferred tax liability
20 2. Short-term debt payable to credit institutions.
1.555 V. Trade accounts payables and other.
25.075 1. Trade accounts payables for purchases & s.
3. Sundry accounts payable.
5. Liability for current tax.
6. Other payables to public authorities.
7. Customer advances.
TOTAL LIABILITIES
30.272
25.075
22
2009
A) CONTINUING OPERATIONS
1. Net turnover.
a) Sales.
4. Procurements.
a) Consumption of goods for sale.
d) Impairment of goods for sale, raw materials and other consumables.
5. Other operating revenues.
a) Accesory and other ordinary income.
b) Operating subventions included in income for the year.
6. Personnel expenses.
a) Wages, salaries and similar expenses.
b) Employee welfare expenses.
7. Other operating expenses.
a) Outside services.
8. Fixed assets depreciation expense.
9. Transfer of grants of non-financial non-current assets and others.
11. Impairment and income from disposal of non-current assets.
a) Impairment and losses
b) Income from disposals and others.
A.1) OPERATING INCOME (1+2+3+4+5+6+7+8+9+10+11)
12. Financial revenues.
a) From holdings in equity instruments.
a2) Of third parties.
b) From marketable securities and other financial instruments.
b 2) Of third parties.
13. Financial expenses.
b) Of third parties.
14. Change in fair value of financial instruments.
b) Transfer to income for the year for available for sale financial instruments.
A.2) FINANCIAL INCOME (12+13+14+15+16)
A.3) INCOME BEFORE TAXES (A.1+A.2)
17. Income tax.
A.4) INCOME FROM CONTINUING OPERATIONS (A.3+17)
A.5) INCOME FOR THE YEAR (A.4+18)
4.500
4.500
- 1.150
- 1.250
100
350
200
150
- 650
- 500
- 150
- 450
- 450
- 2.100
500
350
- 50
400
1.350
75
50
50
25
25
- 111
- 111
175
175
139
1.489
- 462
1.027
1.027
Additional information (transactions of 2009):
1. Short-term holdings in equity are a portfolio of stocks classified as “held for trading”. There has been
no profit or loss due to a change in the fair value of these stocks.
2. Long-term holdings in equity are a portfolio of stocks classified as “available for sale”. The portfolio
includes 100 shares acquired in October of 2008 for a price of 24,5 m.u. per share. The fair value at
the end of 2008 was 25 m.u.
In June of 2009 half of the portfolio has been sold for a price of 28 m.u. per share.
The fair value at the end of 2009 is 29 m.u.
3. The distribution of income of year 2008 is the following: 400 m.u. are distributed to reserves and 525
m.u. were paid as dividends.
4. The uncalled subscribed capital has been called and the company has collected in cash the
outstanding amount from the shareholders during 2009.
5. A new capital subvention has been received at the end of the year.
6. Accrual accounts in the current assets are interest paid in advance that correspond to the debt with
financial institutions.
23
7. During 2009, machinery that had a cost of 4,000 m.u. has been sold. The accumulated depreciation
was 800 m.u. and the profit obtained in the sale was 400 m.u. This was the only sale of tangible fixed
assets.
8. There have been several acquisitions of tangible fixed assets. The breakdown of the fixed assets
depreciation expense is the following:
Depreciation expense of intangible assets
Depreciation expense of structures
Depreciation expense of plant and machinery
Depreciation expense of investment property
Total fixed assets depreciation expense
2009
50
500
1,500
50
2,100
REQUIRED: Prepare the Cash Flow Statement of year 2009.
SOLUTION
During 2009, machinery that had a cost of 4,000 m.u. has been sold. The accumulated depreciation
was 800 m.u. and the profit obtained in the sale was 400 m.u. This was the only sale of tangible
fixed assets.
Sale of machinery
BV= 4000-800=3200 Selling price= 3200+400 = 3600
Short-term holdings in equity are a portfolio of stocks classified as “held for trading”. There has
been no profit or loss due to a change in the fair value of these stocks.
Long-term holdings in equity are a portfolio of stocks classified as “available for sale”. The
portfolio includes 100 shares acquired in October of 2008 for a price of 24,5 m.u. per share. The
fair value at the end of 2008 was 25 m.u.
In June of 2009 half of the portfolio has been sold for a price of 28 m.u. per share.
The fair value at the end of 2009 is 29 m.u.
(250) Long term holdings in equity
2.450 Purchase
50 Adjustment
150 Adjustment
200 Adjustment 1.400 Sale
1.450 Final
balance
(133) Adjustments for changes in value
35
105 ∆ FV
122,5 Sale
140 ∆ FV
157,5Final balance
(479) Tax liability
15
45
52,5 Sale
60
67,5 Final balance
24
2009 transactions:
Increase in value of the 50 shares that are going to be sold:
Nº
250 Long term holdings in equity
900 Profits from available for sale financial assets
Nº
8301
479
Accounts
Deferred tax
Tax liability for taxable temporary differences
Sale of 50 shares:
Nº
572 Cash
250 Long term holdings in equity
Debit
150
150
Debit
45
Debit
1.400
Change in fair value (50 shares than remain):
Nº
250 Long term holdings in equity
900 Profits from available for sale financial assets
Nº
8301
479
Accounts
Deferred tax
Tax liability for taxable temporary differences
Debit
52,5
Debit
200
175
Credit
Credit
200
Debit
60
Credit
60
Nº
Debit
8301 Deferred tax
52,5
1330 Adjustments for changes in value of financial instruments 122,5
available for sale
802 Transfers of profits from available for sale financial
assets
Profits from available for sale financial assets
Credit
52,5
Regularization of group 8 & 9 accounts:
Nº
Debit
900 Profits from available for sale financial assets
150
8301 Deferred tax
1330 Adjustments for changes in value of financial instruments
available for sale
Nº
900
Credit
1.400
Debit
Transfers of profits from available for sale financial 175
assets
7632 Profits from available for sale portfolio
Accounts
Tax liability for taxable temporary differences
Deferred tax
Credit
45
Nº
802
Nº
479
8301
Credit
Debit
200
Credit
45
105
Credit
175
Credit
25
8301 Deferred tax
1330 Adjustments for changes in value of financial instruments
available for sale
60
140
A new capital subvention has been received at the end of the year.
(130) Grants, donations and legacies
350 transfer 1.050 Previous grant
560 New grant
1.800 Final Balance
(479) Tax liability
150 450
240
540 Final balance
Nº
4708
940
Receivable from public authorities
Revenues of official capital grants
Nº
8301
479
Accounts
Deferred tax
Tax liability for taxable temporary differences
Nº
572
4708
Cash
Receivable from public authorities
Debit
800
Credit
800
Debit
240
Credit
240
Debit
800
Credit
800
Moreover, 500 have been transfer of the former grant:
Nº
840
746
Nº
479
8301
Transfer of official capital grants
Capital grants, donations, and legacies transferred to
income for the year
Accounts
Tax liability for taxable temporary differences
Deferred tax
Debit
500
Credit
500
Debit
150
Credit
150
Regularization of group 8 & 9 accounts:
Nº
940 Revenues of oficial capital grants
8301 Deferred tax
130 Grants, donations and legacies
Debit
800
Credit
240
560
26
Nº
8301 Deferred tax
130 Grants, donations and legacies
840 Transfer of official capital grants
Debit
150
350
Credit
500
The breakdown of the fixed assets depreciation expense is the following:
Depreciation expense of intangible assets
Depreciation expense of structures
Depreciation expense of plant and machinery
Depreciation expense of investment property
Total fixed assets depreciation expense
2009
50
500
1,500
50
2,100
Acquisitions of non-current assets:
Intangible
Land and
Structures
Plant and
machinery
Investment
property
Initial
Balance
3050
2500
- Dep
expense
-50
- 500
11000
-1500
2000
-50
+/impairment
- sales +purchases = Final
Balance
3000
0
5700
3700
-3200
-50
8700
15000
1900
27
A) CASH FLOWS FROM OPERATING ACTIVITIES
1. Income before taxes
2. Adjustments to income
a) Depreciation of fixed assets (+).
b) Value corrections for impairment (+/-).
d) Transfer of grants (-).
e) Income from disposal of non-current assets (+/-).
f) Income from disposal of financial instruments (+/-).
g) Financial revenues (-).
h) Financial expenses (+).
j) Change in fair value of financial instruments (+/-).
3. Changes in working capital
a) Inventory (+/-).
b) Accounts receivables and other receivables (+/-).
d) Accounts payables and other payables (+/-).
4. Other cash flows from operating activities
a) Cash payments of interests (-).
b) Cash receipts of dividends (+).
c) Cash receipts of interests (+).
d) Cash receipts (payments) for income taxes (+/-).
5. Cash flows from operating activities (+/-1+/-2+/-3+/-4)
B) CASH FLOWS FROM INVESTMENT ACTIVITIES
6. Cash payments for investments (-)
c) Tangible fixed assets.
e) Other financial assets.
7. Cash receipts from disinvestments (+)
c) Tangible fixed assets.
e) Other financial assets.
8. Cash flows from investment activities (7-6)
C) CASH FLOWS FROM FINANCING ACTIVITIES
9. Cash receipts and payments for equity instruments
a) Issuing of equity instruments (+).
e) Grants, donations and legacies received (+).
10. Cash receipts and payments for debt instruments
a) Issuing of
2. Long term debt payable to credit institutions (+).
11. Cash payments of dividends and remuneration of other equity instruments.
a) Dividends (-).
12. Cash flows from financing activities (+/-9+/-10-11)
E) NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS
Cash and equivalents at the beginning of the period
Cash and equivalents at the end of the period
-
-
200X
1.489
1.111
2.100
50
500
400
150
75
111
25
620
500
60
180
388
101
50
25
362
1.592
-
12.500
12.400
100
5.550
3.600
1.950
6.950
-
6.100
5.300
800
1.000
-
1.000
525
525
4.575
783
1.555
772
28
EXERCISE 10 LESSON 7 – From exam of course 0708
Company XYZ, Ltd. has prepared the following financial Statements at the end of 2009:
ASSETS
2009
2008
A) NON-CURRENT ASSETS
199.500
163.750 A) EQUITY
190.050
123.140
II. Tangible fixed assets.
199.500
162.000 A-1) Shareholders' equity.
183.400
116.000
1. Land and structures.
2. Plant and machinery, tools, furniture
and other tangible assets.
V. Long-term financial investments.
161.100
124.000 I. Capital.
137.500
100.000
150.000
100.000
1. Holdings in equity.
B) CURRENT ASSETS
2009
38.400
2008 LIABILITIES
38.000
1. Registered capital.
-
1.750
-
1.750 III. Reserves.
64.985
2. (Uncalled subscribed capital).
29.450 1. Legal and statutory.
II. Inventories.
20.000
14.000 2. Other reserves.
1. Commercial (goods for sale).
III. Trade accounts receivables and
other receivables.
1. Trade accounts receivables for sale
and services.
20.000
14.000 VII. Income for the year.
4. Employee receivables.
VII. Cash and cash equivalents.
1. Cash.
TOTAL ASSETS
15.000
9.000
6.000
29.985
29.985
264.485
5.000
A-2) Adjustments for changes in value.
5.000 I. Financial instruments available for sale.
A-3) Grants, donations and legacies
received.
10.450 B) NON-CURRENT LIABILITIES
-
10.450 II. Long-term debt.
- 12.500
-
16.000
20.000
15.000
15.000
1.000
5.000
29.900
- 4.000
-
140
-
140
6.650
7.000
51.350
63.060
48.500
60.000
48.500
60.000
2.850
3.060
C) CURRENT LIABILITIES
23.085
7.000
III. Short-term debt.
13.500
-
2. Short-term debt payable to credit institutions.
V. Trade accounts payables and other
payables.
1. Trade accounts payables for purchases and
services.
5. Liability for current tax.
13.500
193.200 2. Long-term debt payable to credit institutions.
IV. Deferred tax liability
6. Other payables to public authorities.
VI. Short term accrual accounts.
TOTAL LIABILITIES
9.450
7.000
600
6.500
8.750
100
500
135
264.485
193.200
2009
A) CONTINUING OPERATIONS
1. Net turnover.
a) Sales.
55.000
55.000
4. Procurements.
- 15.200
a) Consumption of goods for sale.
- 15.200
5. Other operating revenues.
29.955
a) Accessory and other ordinary income.
26.000
b) Operating subventions included in income for the year.
3.955
6. Personnel expenses.
- 8.000
a) Wages, salaries and similar expenses.
- 8.000
7. Other operating expenses.
- 1.200
a) Outside services.
8. Fixed assets depreciation expense.
9. Transfer of grants of non-financial non-current assets and others.
11. Impairment and income from disposal of non-current assets.
- 1.200
- 14.000
2.000
- 1.000
29
b) Income from disposals and others.
- 1.000
A.1) OPERATING INCOME (1+2+3+4+5+6+7+8+9+10+11)
47.555
12. Financial revenues.
45
b) From marketable securities and other financial instruments.
45
b 2) Of third parties.
45
13. Financial expenses.
- 1.800
b) Of third parties.
- 1.800
14. Change in fair value of financial instruments.
b) Transfer to income for the year for available for sale financial instruments.
200
200
A.2) FINANCIAL INCOME (12+13+14+15+16)
- 1.555
A.3) INCOME BEFORE TAXES (A.1+A.2)
46.000
17. Income tax.
- 16.100
A.4) INCOME FROM CONTINUING OPERATIONS (A.3+17)
29.900
A.5) INCOME FOR THE YEAR (A.4+18)
29.900
Additional information (transactions of 2009):
1. The losses of 2008 have been compensated against reserves.
2. The company has increased the capital stock at the beginning of 2009.
3. Long-term holdings in equity are a portfolio of stocks classified as “available for sale” that has been
sold in 2009. The increase in fair value of this portfolio was 200 in 2008.
REQUIRED:
• Register the operations of 2009 described in the additional information.
• Prepare the Statement of Changes in Equity of year 2009.
• Prepare the Cash Flow Statement of year 2009 (only cash flows from operations and cash
flows from financing activities).
SOLUTION
1. The losses of 2008 have been compensated against reserves.
Nº
112
129
Accounts
Voluntary reserves
Income for the year (X-1)
Debit
4,000
Credit
4,000
2. The company has increased the capital stock at the beginning of 2009.
Nº
103
572
100
Accounts
Uncalled subscribed capital receivable
Cash
Capital stock
Debit
12,500
37,500
Credit
50,000
3. Long-term holdings in equity are a portfolio of stocks classified as “available for sale” that has
been sold in 2009. The increase in fair value of this portfolio was 200 in 2008.
Sale:
Nº
572 Cash
250 Long term holdings in equity
Debit
1,750
Nº
Debit
Credit
1,750
Credit
30
802
Transfers of profits from available for sale financial 200
assets
7632 Profits from available for sale portfolio
Nº
479
8301
Accounts
Tax liability for taxable temporary differences
Deferred tax
Debit
60
200
Credit
60
Regularization of group 8 & 9 accounts:
Nº
Debit
8301 Deferred tax
60
1330 Adjustments for changes in value of financial instruments 140
available for sale
802 Transfers of profits from available for sale financial
assets
Credit
200
FROM THE BALANCE SHEET AND INCOME STATEMENT:
A new capital grant has been received at the end of the year, and a portion of a previous capital
grant has been transferred to income.
(130) Grants, donations and legacies
1,400 transfer
7,000 Previous
grant
1,050 New grant
(net of taxes)
6,650 Final Balance
600
Nº
572
940
(479) Tax liability
3,000
450
2,850 Final balance
Accounts
Cash
Revenues of official capital grants
Nº
Accounts
8301 Deferred tax
479 Tax liability for taxable temporary differences
Nº
940
8301
130
Accounts
Revenues of official capital grants
Deferred tax
Official capital grants
Debit
1,500
Credit
1,500
Debit
450
Credit
450
Debit
1,500
Credit
450
1,050
Transfer of a portion of the capital grants from previous years:
Nº
840
Accounts
Transfers of official capital grants
Debit
2,000
Credit
31
Capital grants, donations and legacies transferred to
income for the year
746
Nº
Accounts
479 Tax liability for taxable temporary differences
8301 Deferred tax
Nº
8301
130
840
Accounts
Deferred tax
Official capital grants
Transfers of official capital grants
2,000
Debit
600
Credit
600
Debit
600
1,400
Credit
2,000
STATEMENT OF RECOGNIZED REVENUES AND EXPENSES
2009
A) Income for the year
29900
Revenues and expenses recognized directly in equity
I. From valuation of financial instruments
1. Gains/losses from available for sale financial assets
2. Other revenues/expenses
II. From hegding operations
III. Grants, donations and legacies
1500
IV. From actuarial gains and losses and other adjustments
V. Tax effect
B) Total revenues and expenses recognized directly in equity
(I+II+III+IV+V)
(450)
1050
Transfers to the income statement
VI. From valuation of financial instruments
1. Revenues/expenses from available for sale financial assets
-200
2. Other revenues/expenses
VII. From hegding operations
VIII. Grants, donations and legacies
IX. Tax effect
-2000
660
C) Total transfers to the income statement (VI+VII+VIII+IX)
-1540
TOTAL RECOGNIZED REVENUES AND EXPENSES (+A+B+C)
29410
32
Capital
STATEMENT OF ALL CHANGES IN EQUITY
Registered
C. BALANCE, END OF YEAR 200X – 1
Uncalled
Additional
paid-in
capital
Reserves
100.000
20.000
100.000
20.000
Prior years'
income
Other
Income for
owners'
the year
contributions
(Dividend
paid in
advance)
-4.000
Adjustments
for changes in
value
Grants,
donations
and legacies
received
140
7.000
140
7.000
123.140
-140
-350
29.410
TOTAL
123.140
I. Adjustments for changes in accounting policies, 200X-1.
II. Adjustments for errors, 200X-1.
D. ADJUSTED BALANCE, BEGINNING OF YEAR 200X
- 4.000
29.900
I. Total recognized revenues and expenses.
II. Transactions with equity holders.
1. Capital increases.
50.000
-12.500
37.500
2. ( - ) Capital reductions.
3. Conversion of financial liabilities in equity.
(conversion of debentures, debts writting off).
-
4. ( - ) Dividends distributions.
5. Transactions with the entity's shares (net).
6. Increase (reduction) of equity from a business combination.
-
7. Other transactions with equity holders
III. Other changes in equity.
E. BALANCE, END OF YEAR 200X
150.000
-12.500
- 4.000
4.000
16.000
-
0
29.900
-
0
6.650
190.050
33
A) CASH FLOWS FROM OPERATING ACTIVITIES
1. Income before taxes
2. Adjustments to income
a) Depreciation of fixed assets (+).
b) Value corrections for impairment (+/-).
c) Change in provisions (+/-).
d) Transfer of grants (-).
e) Income from disposal of non-current assets (+/-).
f) Income from disposal of financial instruments (+/-).
g) Financial revenues (-).
h) Financial expenses (+).
i) Exchange differences (+/-).
j) Change in fair value of financial instruments (+/-).
k) Other revenues and expenses (-/+).
3. Changes in working capital
a) Inventory (+/-).
b) Accounts receivables and other receivables (+/-).
c) Other current assets (+/-).
d) Accounts payables and other payables (+/-).
e) Other current liabilities (+/-).
f) Other non-current assets and liabilities (+/-).
4. Other cash flows from operating activities
a) Cash payments of interests (-).
b) Cash receipts of dividends (+).
c) Cash receipts of interests (+).
d) Cash receipts (payments) for income taxes (+/-).
e) Other cash payments (receipts) (-/+)
5. Cash flows from operating activities (+/-1+/-2+/-3+/-4)
C) CASH FLOWS FROM FINANCING ACTIVITIES
9. Cash receipts and payments for equity instruments
a) Issuing of equity instruments (+).
b) Amortization of equity instruments (-).
c) Acquisition of the own equity instruments (-).
d) Disposal of the own equity instruments (+).
e) Grants, donations and legacies received (+).
10. Cash receipts and payments for debt instruments
a) Issuing of
1. Debentures and other negotiable securities (+).
2. Long term debt payable to credit institutions (+).
3. Long term debt payable to subsidiaries and associated companies (+).
4. Other debt (+).
b) Refunds and amortization of
1. Debentures and other negotiable securities (-).
2. Long term debt payable to credit institutions (-).
3. Long term debt payable to subsidiaries and associated companies (-).
4. Other debt (-).
11. Cash payments of dividends and remuneration of other equity instruments.
a) Dividends (-).
b) Remuneration of other equity instruments (-).
12. Cash flows from financing activities (+/-9+/-10-11)
D) Effect of changes in exchange rates
E) NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS
Cash and equivalents at the beginning of the period
Cash and equivalents at the end of the period
200X
46.000
14.555
14.000
-
2.000
1.000
-
45
1.800
-
200
-
16.300
6.000
4.000
-
6.300
-
8.970
1.800
-
180
7.350
35.285
39.000
37.500
1.500
2.000
13.500
-
11.500
41.000
19.535
10.450
29.985
34
EXERCISE 11 LESSON 7 – From exam of course 0708
Company RST, Ltd. provides the following information at the end of 2009:
ASSETS
2009
2008
EQUITY AND LIABILITIES
2008
A) NON-CURRENT ASSETS
6,750
8,300
8,746
7,350
II. Tangible fixed assets.
2. Plant and machinery, Tools, furniture and other
tangible fixed assets.
6,750
7,300 A-1) Shareholders’ equity.
8,431
7,000
6,750
7,300
6,550
6,000
6,550
6,000
III. Investment property
1,000
1. Land
1,000
A) EQUITY
2009
I. Capital.
1. Registered capital.
III. Reserves.
850
850
700
1,031
400
B) CURRENT ASSETS
7,575
5,560 1. Legal and statutory.
II. Inventories.
1,500
2,200 VII. Income for the year.
1. Comercial (goods for sale).
1,500
III. Trade accounts receivables and other receivables.
2,700
1. Trade accounts receivables for sale and services.
2,700
2,200 VIII. (Dividend paid in advance)
A-3) Grants, donations and legacies
2,250
received.
2,250 B) NON-CURRENT LIABILITIES
V. Short-term financial investments.
525
1. Holdings in equity.
525
VI. Accrual accounts.
II. Long-term debt.
2. Long term debt payable to credit
institutions.
5. Other financial liabilities.
10
5
VII. Cash and cash equivalents.
2,840
1,105
IV. Deferred tax liability
1. Cash.
2,840
1,105
C) CURRENT LIABILITIES
III. Short-term debt.
2. Short term debt payable to credit
institutions.
V. Trade accounts payables and other
payables.
1. Trade accounts payables for purchases.
3. Sundry accounts payable.
TOTAL ASSETS
14,325
13,860 5. Liability for current tax.
TOTAL EQUITY AND LIABILITIES
700
(100)
315
350
1,859
1,474
1,724
1,324
1,024
1,324
700
135
150
3,720
5,036
700
1,220
700
1,220
3,020
3,816
2,250
2,950
580
190
14,325
750
116
13,860
Income for the year 2009 has the following components:
ACCOUNT
Change in inventory of goods for sale
Grants, donations and legacies transferred to income
for the year
Income tax expense
Interest of debt from financial institutions
Losses for uncollective accounts
Losses from impairment of trade accounts receivable
Operating grants, donations and legacies
Profits from disposal of investment property
Profits from disposal of tangible fixed assets
Profits from held for trading portfolio
Purchase of goods for sale
Revenue form holdings in equity instruments, other
companies
Sale of goods for sale
Sale returns of goods for sale
Social security in charge of the company
Supplies
Tangible fixed assets depreciation expense
AMOUNT
700
50
200
1,020
50
50
176
500
50
25
20,000
50
30,500
500
1,000
600
1,200
35
Wages and salaries
5,000
Additional information (transactions of 2009):
1.- The distribution of income of 2008 has been the following: reserves: 150; dividends: 250.
2.- A machinery has been sold for 100 m.u. during 2009. The acquisition value of the machinery
was 250 m.u. and the accumulated depreciation in the moment of the sale was 200 m.u.
Moreover, a new machinery was bought at the end of the year.
3.- Investment property (land) has been sold as well.
4.- The capital grant was obtained and received in cash at the end of 2008. The grant was
received to finance the acquisition of new equipment that has an annual depreciation expense of
50 m.u.
5.- Accrual accounts in the current assets are interest expenses paid in advance.
6.- During 2009 the company has bought an investment in shares of the BBVA that has been
classified as held for trading.
7.- The company has increased the capital stock at the beginning of 2009.
REQUIRED:
• Prepare the Income Statement of year 2009.
• Prepare the Statement of Changes in Equity of year 2009.
• Prepare the Cash Flow Statement of year 2009.
36
SURNAME____________________________________
D.N.I._________________
NAME_____________
INCOME STATEMENT
(Debit) Credit
2009
A) CONTINUING OPERATIONS
1. Net turnover.
a) Sales.
b) Services rendered.
2. Change in inventory of finished goods and work-in process.
3. Work performed for own assets.
4. Procurements.
a) Consumption of goods for sale.
b) Consumption of raw materials and other consumables.
c) Work performed by other companies.
d) Impairment of goods for sale, raw materials and other consumables.
5. Other operating revenues.
a) Accessory and other ordinary income.
b) Operating subventions included in income for the year.
6. Personnel expenses.
a) Wages, salaries and similar expenses.
b) Employee welfare expenses.
c) Provisions.
7. Other operating expenses.
a) Outside services.
b) Taxes other than income tax.
c) Losses, impairment and change in provisions for trade operations.
d) Other operating expenses.
8. Fixed assets depreciation expense.
9. Transfer of grants of non-financial non-current assets and others.
10. Excess of provisions.
11. Impairment and income from disposal of non-current assets.
a) Impairment and losses.
b) Income from disposals and others.
A.1) OPERATING INCOME (1+2+3+4+5+6+7+8+9+10+11)
30,000
30,000
-20,700
-20,700
176
176
-6,000
-5,000
-1,000
-700
-600
-100
-1,200
50
550
550
2,176
37
12. Financial revenues.
50
a) From holdings in equity instruments.
a1) Of subsidiaries and associated companies.
a2) Of third parties.
50
b) From marketable securities and other financial instruments.
b 1) Of subsidiaries and associated companies.
b 2) Of third parties.
13. Financial expenses.
-1,020
a) Of subsidiaries and associated companies.
b) Of third parties.
-1,020
c) From capitalization of provisions.
14. Change in fair value of financial instruments.
25
a) Held for trading and others.
25
b) Transfer to income for the year for available for sale financial instruments.
15. Exchange diferences.
16. Impairment and income from disposal of financial instruments.
a) Impairment and losses.
b) Income from disposals and others.
A.2) FINANCIAL INCOME (12+13+14+15+16)
-945
A.3) INCOME BEFORE TAXES (A.1+A.2)
1,231
17. Income tax.
-200
A.4) INCOME FROM CONTINUING OPERATIONS (A.3+17)
1,031
B) DISCONTINUED OPERATIONS
18. Post-tax income of discontinued operations.
A.5) INCOME FOR THE YEAR (A.4+18)
1,031
38
SURNAME____________________________________
D.N.I._________________
NAME_____________
STATEMENT OF RECOGNIZED REVENUES AND EXPENSES
A) Income for the year
2009
1,031
Revenues and expenses recognized directly in equity
I. From valuation of financial instruments
1. Gains/losses from available for sale financial assets
2. Other revenues/expenses
II. From hegding operations
III. Grants, donations and legacies
IV. From actuarial gains and losses and other adjustments
V. Tax effect
B) Total revenues and expenses recognized directly in equity
(I+II+III+IV+V)
Transfers to the income statement
VI. From valuation of financial instruments
1. Revenues/expenses from available for sale financial assets
2. Other revenues/expenses
VII. From hegding operations
VIII. Grants, donations and legacies
-50
IX. Tax effect
15
C) Total transfers to the income statement (VI+VII+VIII+IX)
-35
TOTAL RECOGNIZED REVENUES AND EXPENSES (+A+B+C)
996
39
STATEMENT OF ALL CHANGES IN
EQUITY
C. BALANCE, END OF YEAR 2008
Capital
Registered
Uncalled
Additional
paid-in
capital
Reserves
6,000
700
6,000
700
Prior years'
income
Other
owners'
contributions
Grants,
donations and
legacies
received
TOTAL
-100
350
7,350
-100
350
7,350
-35
996
Income for
the year
(Dividend
paid in
advance)
400
0
Other
equity
instruments
Adjustments
for changes in
value
I. Adjustments for changes in accounting policies, 2008
II. Adjustments for errors, 2008
D. ADJUSTED BALANCE, BEGINNING OF YEAR 2009
400
1,031
I. Total recognized revenues and expenses.
II. Transactions with equity holders.
1. Capital increases.
550
550
2. ( - ) Capital reductions.
3. Conversion of financial liabilities in equity.
(conversion of debentures, debts writting off).
-250
4. ( - ) Dividends distributions.
100
-150
5. Transactions with the entity's shares (net).
6. Increase (reduction) of equity from a business combination.
7. Other transactions with equity holders.
III. Other changes in equity.
E. BALANCE, END OF YEAR 2009
6,550
150
-150
850
0
0
1,031
0
315
8,746
40
A) CASH FLOWS FROM OPERATING ACTIVITIES
1. Income before taxes
2. Adjustments to income
a) Depreciation of fixed assets (+).
b) Value corrections for impairment (+/-).
c) Change in provisions (+/-).
d) Transfer of grants (-).
e) Income from disposal of non-current assets (+/-).
f) Income from disposal of financial instruments (+/-).
g) Financial revenues (-).
h) Financial expenses (+).
i) Exchange differences (+/-).
j) Change in fair value of financial instruments (+/-).
k) Other revenues and expenses (-/+).
3. Changes in working capital
a) Inventory (+/-).
b) Accounts receivables and other receivables (+/-).
c) Other current assets (+/-).
d) Accounts payables and other payables (+/-).
e) Other current liabilities (+/-).
f) Other non-current assets and liabilities (+/-).
4. Other cash flows from operating activities
a) Cash payments of interests (-).
b) Cash receipts of dividends (+).
c) Cash receipts of interests (+).
d) Cash receipts (payments) for income taxes (+/-).
e) Other cash payments (receipts) (-/+)
5. Cash flows from operating activities (+/-1+/-2+/-3+/-4)
B) CASH FLOWS FROM INVESTMENT ACTIVITIES
6. Cash payments for investments (-)
a) Subsidiaries and associated companies.
b) Intangible assets.
c) Tangible fixed assets.
d) Investment property.
e) Other financial assets.
f) Non-current assets held for sale.
g) Other assets.
7. Cash receipts from disinvestments (+)
a) Subsidiaries and associated companies.
b) Intangible assets.
c) Tangible fixed assets.
d) Investment property.
e) Other financial assets.
f) Non-current assets held for sale.
g) Other assets.
8. Cash flows from investment activities (7-6)
1.231
1.545
1.200
0
-50
-550
0
-50
1.020
-25
-620
700
-450
0
-870
0
-1.101
-1.025
50
0
-126
1.055
-500
-500
1.600
100
1.500
1.100
41
C) CASH FLOWS FROM FINANCING ACTIVITIES
9. Cash receipts and payments for equity instruments
a) Issuing of equity instruments (+).
b) Amortization of equity instruments (-).
c) Acquisition of the own equity instruments (-).
d) Disposal of the own equity instruments (+).
e) Grants, donations and legacies received (+).
10. Cash receipts and payments for debt instruments
a) Issuing of
1. Debentures and other negotiable securities (+).
2. Long term debt payable to credit institutions (+).
3. Long term debt payable to subsidiaries and associated
companies (+).
4. Other debt (+).
b) Refunds and amortization of
1. Debentures and other negotiable securities (-).
2. Long term debt payable to credit institutions (-).
3. Long term debt payable to subsidiaries and associated
companies (-).
4. Other debt (-).
11. Cash payments of dividends and remuneration of other equity instruments.
a) Dividends (-).
b) Remuneration of other equity instruments (-).
12. Cash flows from financing activities (+/-9+/-10-11)
D) Effect of changes in exchange rates
E) NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS
Cash and equivalents at the beginning of the period
Cash and equivalents at the end of the period
550
550
-820
-820
-150
-150
-420
1.735
1.105
2.840
42
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