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Task 1 (15 marks – approximately 750 words)  Laura Prebble, the owner-manager of a small business, had carefully monitored her cash position over the past financial year, and was pleased to note at the end of the year that the cash position was strong, and had shown a healthy 50% increase over the year. When presented with the income statement for the year, she was dismayed to note that the profit earned in the last year had deteriorated significantly and had become a loss for the current period. In her anger, she accuses you of having made errors in the accounting since ‘such a silly situation could not possibly exist’.   Required  Draft a response to Laura.     
Task 2 (10 marks – approximately 500 words)  ‘A statement of cash flows is of limited use as a business needs to know if it will have sufficient cash to support its planned future activities.’   Required  Discuss the merit of this statement focusing on both the purpose and limitations of a statement of cash flows.     
Task 3 (10 marks – approximately 500 words)  After calculating the current ratio for an entity and finding that the ratio’s value was 5:1, a student analyst decided that the company was in a sound position for paying its liquid liabilities.   Required  Discuss the shortcomings of making such a conclusion.   
Assessment Information
COMMONWEALTH OF AUSTRALIA Copyright Regulations 1969 This material has been reproduced and communicated to you by or on behalf of Kaplan Business School pursuant to Part VB of the Copyright Act 1968 (‘Act’). The material in this communication may be subject to copyright under the Act. Any further reproduction or communication of this material by you may be the subject of copyright protection under the Act. Kaplan Business School is a part of Kaplan Inc., a leading global provider of educational services. Kaplan Business School Pty Ltd ABN 86 098 181 947 is a registered higher education provider CRICOS Provider Code 02426B.     
Task 4 (15 + 5 = 20 marks)
The financial statements for the business of Trinh’s Nail Supplies for the past two years are presented below.
TRINH’S NAIL SUPPLIES Comparative Income Statements for the year ended 30 June  
  2016 2017 Sales $ 400000 $ 500000 Cost of sales 350000 458000 GROSS PROFIT 50000 42000 Interest income 1000 2000 Loss on sale of fixtures — 800   51000 43200 Office supplies used 10000 11000 Other expenses 29000 29000   39000 42000 Profit $ 12000 $ 3200  
TRINH’S NAIL SUPPLIES Comparative Statements of Financial Position as at 30 June  
  2016 2017 ASSETS Cash at bank $ 4400 — Accounts receivable 42000 $ 60000 Inventory 80000 40000 Office supplies 2000 5000 Freehold property 60000 80000 Fixtures 40000 46000 Accumulated depreciation – fixtures (16000) (20200) Investments 6000 16000   $ 218400 $ 226800 LIABILITIES AND EQUITY Bank overdraft — $ 4000 Accounts payable $ 26000 40000 Trinh, Capital 192400 182800   $ 218400 $ 226800  
 
Assessment Information
COMMONWEALTH OF AUSTRALIA Copyright Regulations 1969 This material has been reproduced and communicated to you by or on behalf of Kaplan Business School pursuant to Part VB of the Copyright Act 1968 (‘Act’). The material in this communication may be subject to copyright under the Act. Any further reproduction or communication of this material by you may be the subject of copyright protection under the Act. Kaplan Business School is a part of Kaplan Inc., a leading global provider of educational services. Kaplan Business School Pty Ltd ABN 86 098 181 947 is a registered higher education provider CRICOS Provider Code 02426B.    
Additional information
a. All purchases and sales of inventories are on credit. All purchases of office supplies are for cash. b. The bank overdraft is considered to be part of the entity’s cash management function. c. During the year ended 30 June 2017, the owner, Trinh, withdrew $12800 in cash for personal use. d. The entity sold some fixtures for $1200 cash during the current year. These fixtures initially cost $4200 and had been written down to a carrying amount at the date of sale of $2000. e. Depreciation of fixtures has been included in ‘other expenses’ for the year ended 30 June 2017. All remaining other expenses were paid in cash.
Required
1. Prepare the statement of cash flows for Trinh’s Nail Supplies for the year ended 30 June 2017, using the direct method. 2. Comment on the cash flow position of the entity as shown in the statement of cash flows



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