Q. 6 Cyber Ltd reported the following in its financial statements for the year ended...
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Q. 6 Cyber Ltd reported the following in its financial statements for the year ended June 2014: 2014 2013 Profit & Loss Statement Net Sales $24,623 $21,207 Cost of Sales 18,048 15,466 Depreciation 269 230 Other operating expenses 4,883 4,248 Income tax expense 537 486 Profit 886 777 Balance Sheet Cash 17 13 Debtors 798 615 Inventories 3,482 2,831 Plant & Equipment (net) 4,345 3,428 Creditors 1,547 1,364 Accrued Liabilities 938 848 Long-term liabilities 478 464 Ordinary Shares 676 446 Retained Earnings 4,531 3,788 Required: Determine the following for Cyber Ltd for the year ending June 2014: a) Collections from customers b) Payments for inventory c) Payments for operating expenses d) Acquisition of Property & equipment (no sales during 2013/14) e) Borrowing, with Cyber Ltd paying no long term liabilities f) Proceeds from issue of ordinary shares g) Payment of cash dividends For operating cash flows, use the direct method. (marks: 15)
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