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    Laboratory Exercise 1 - Intermediate Accounting 3

    Uploaded by

    Zeniah Louise
    This laboratory exercise aims to teach students how to prepare a statement of cash flows for a Small and Medium-Sized Entity (SME) using information provided about the SME Company. Students will use a computer with MS Excel to prepare the statement of cash flows. The document provides financial information for the current year, such as a profit of 380,000, depreciation and impairment costs, gains and losses on equipment, and changes in receivables, payables, and cash flows from investing and financing activities.

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    Laboratory Exercise 1 - Intermediate Accounting 3

    Uploaded by

    Zeniah Louise
    254 views1 page
    This laboratory exercise aims to teach students how to prepare a statement of cash flows for a Small and Medium-Sized Entity (SME) using information provided about the SME Company. Students will use a computer with MS Excel to prepare the statement of cash flows. The document provides financial information for the current year, such as a profit of 380,000, depreciation and impairment costs, gains and losses on equipment, and changes in receivables, payables, and cash flows from investing and financing activities.

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    This laboratory exercise aims to teach students how to prepare a statement of cash flows for a Small and Medium-Sized Entity (SME) using information provided about the SME Company. Students will use a computer with MS Excel to prepare the statement of cash flows. The document provides financial information for the current year, such as a profit of 380,000, depreciation and impairment costs, gains and losses on equipment, and changes in receivables, payables, and cash flows from investing and financing activities.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    254 views1 page

    Laboratory Exercise 1 - Intermediate Accounting 3

    Uploaded by

    Zeniah Louise
    This laboratory exercise aims to teach students how to prepare a statement of cash flows for a Small and Medium-Sized Entity (SME) using information provided about the SME Company. Students will use a computer with MS Excel to prepare the statement of cash flows. The document provides financial information for the current year, such as a profit of 380,000, depreciation and impairment costs, gains and losses on equipment, and changes in receivables, payables, and cash flows from investing and financing activities.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    Laboratory Exercise

    Prepare a financial statement of a Small and


    Medium-Sized Entity (SME)
    Objectives:

    At the end of the exercise, the students should be able to:

     Prepare a statement of cash flows of SME

    Equipment:

     Computer
     MS Excel

    SME Company

    SME provided the following information about the preparation of a statement of cash flows for the current year:

    Profit for the year 380,000


    Noncash finance costs, finance cost paid P25,000 1,000
    Noncash tax expense, income tax paid P190,000 79,000
    Depreciation of property, plant, and equipment 270,000
    Impairment loss 30,000
    Amortization of intangibles 2,000
    Gain on sale of equipment 60,000
    Increase in trade and other receivables 10,000
    Decrease in inventories 9,000
    Increase in trade payables, including unrealized foreign exchange loss of P1,000 charged 11,000
    to other expenses
    Increase in current and long-term benefit payable 3,000
    Proceeds from the sale of equipment 100,000
    Purchase of equipment 485,000
    Payment of finance lease liability 19,000
    Repayment of borrowings 100,000
    Dividends paid 150,000

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