Consolidated Statement of Profit and Loss – Finance Assignment Help

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Assignment Task :
Question 1  
Consider the following financial statements for Cibo Espresso.
Cibo
 
Required:
Based on the above financial statements, answer the following questions.
1. Explain why Cibo Espresso’ net cash provided by operating activities was nearly $78 million more in the year ended December 31, 2020, than it was in the year ended December 31, 2019. Would you expect a similar increase in the next year? Why or why not? 
2. Explain to a nonaccountant what Cibo Espresso did with the $566 million of cash generated by operating activities during the year ended December 31, 2020. What is the source of increase of $101.23 million in cash balance? 
3. Suppose a friend of yours commented, “Cibo Espresso must have poor financial management. It made nearly $268 million in the year ended December 31, 2020, and it generated more than $566 million in cash from operations, yet it paid no dividends. It’s shareholders got nothing.” Answer your friend’s question.  
 
 
Question 2 
Singapore Ltd, has been manufacturing and selling kid’s toys for the last two years. The company commenced its operations on 1 Jan 2018. There was no other cost related to the share issue. 
For the year ending 31 Dec 2020, the company recorded the following aggregate transactions:
Capital
 
The following additional information was noted during the preparation of financial statements for the year ended 30 Dec 2020:

Salaries of $5,200 have been earned by employees for the last half of December 2020. Payment by the company will be made on the next payday, January 2,2021.

Interest at 10 percent per annum on the Note receivable has accrued for 2 months and is expected to be collected by the company when the Note is due on January 31, 2021.

Part of the company’s building was rented to a tenant on November 1, 2020, for 6 months, payable in advance. This rent was collected in cash and is presented by the item labeled Unearned Rent Revenue.

Depreciation on the building for 2020 is $6,100.

Cash dividends of $60,000 were declared in December 2020, payable in January 2021.

  Income tax at 40 percent applies to 2020, which is all to be paid in the early part of 2021.

 
Required
Prepare the following corrected financial statements:

Prepare a statement of profit or loss.  

Prepare a statement of changes in equity for Singapore Ltd. in accordance with the requirements of AASB 101; 

Prepare a statement of financial position for Singapore Ltd. in accordance with AASB101. Use the current/non-current presentation format;

 
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