The following has been extracted from the trial balances of S&B Ltd for the last two years: 2021 2020 ($000) ($000) Sale
Posted: Tue Jul 05, 2022 11:48 am
The following hasbeen extracted from the trial balances of S&B Ltd for the lasttwo years:
2021
2020
($000)
($000)
Sales (all on credit)
3,215
5,250
Cost of goods sold
2925
2,730
Doubtful debt expense
740
525
Interest expense
120
420
Salaries
180
630
Depreciation
60
210
Gain on sale of plant
300
185
Cash
2844
1,264
Inventory
4,980
3,780
Accounts Receivable
1,600
5,600
Allowance for doubtful debts
160
560
Land
2,170
2150
Plant
1,750
2,100
Accumulated Depreciation
300
490
Bank Overdraft
140
4,890
Accounts payable
5,620
4,280
Accrued Salaries
382
462
Long-term loan
1,510
240
Share capital
4300
2530
Dividends paid
0
190
Retained earnings
1,442
Additional information:
REQUIRED:
Note: To helpyou prepare the Statement of Cash Flows, you will need to completesome T-accounts as part of your workings. There is no need toprovide these T-accounts as part of your answer.
2021
2020
($000)
($000)
Sales (all on credit)
3,215
5,250
Cost of goods sold
2925
2,730
Doubtful debt expense
740
525
Interest expense
120
420
Salaries
180
630
Depreciation
60
210
Gain on sale of plant
300
185
Cash
2844
1,264
Inventory
4,980
3,780
Accounts Receivable
1,600
5,600
Allowance for doubtful debts
160
560
Land
2,170
2150
Plant
1,750
2,100
Accumulated Depreciation
300
490
Bank Overdraft
140
4,890
Accounts payable
5,620
4,280
Accrued Salaries
382
462
Long-term loan
1,510
240
Share capital
4300
2530
Dividends paid
0
190
Retained earnings
1,442
Additional information:
REQUIRED:
Note: To helpyou prepare the Statement of Cash Flows, you will need to completesome T-accounts as part of your workings. There is no need toprovide these T-accounts as part of your answer.