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The following trial balances have been extracted from the records of DAVIS CORPORATION is a family retail business operating in the CBD. Trial Balance as at 30th June 2017 Debit Credit Bank 105 Acc

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The following trial balances have been extracted from the records of DAVIS CORPORATION is a family retail business operating in the CBD. Trial Balance as at 30th June 2017 Debit Credit Bank 105 Accounts Receivable 3,500 Inventory 90 Investments in Listed Companies 100 Plant & Equipment at cost 5,100 Accumulated Depreciation on Plant and Equipment 1,070 Accounts Payable 3,126 Accrued Expenses 60 Mortgage on Land and Buildings 2,500 Capital 1,500 Accumulated Funds 612 Sales 4,840 Dividends Received 30 Profit on the Sale of Equipment 70 Cost of Goods Sold 3,190 Bad De...

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The following trial balances have been extracted from the records of DAVIS CORPORATION is a family retail business operating in the CBD. Trial Balance as at 30th June 2017 Debit Credit Bank 105 Accounts Receivable 3,500 Inventory 90 Investments in Listed Companies 100 Plant & Equipment at cost 5,100 Accumulated Depreciation on Plant and Equipment 1,070 Accounts Payable 3,126 Accrued Expenses 60 Mortgage on Land and Buildings 2,500 Capital 1,500 Accumulated Funds 612 Sales 4,840 Dividends Received 30 Profit on the Sale of Equipment 70 Cost of Goods Sold 3,190 Bad Debts Written off 23 Administration Expenses 700 Salaries 820 Interest Expense on Mortgage 80 Depreciation Expense on Plant & Equipment 180 Dividends Paid 100 Income Tax Expense 30 Total 13,913 13,913 COMPARATIVE FIGURES AS AT 30th JUNE 2016 Debit Credit Bank 100 Accounts Receivable 3,600 Inventory 35 Investments in Listed Companies 100 Plant and Equipment at cost 5,500 Accumulated Depreciation on Plant and Equipment 920 Accounts Payable 3,263 Accrued Expense 40 Mortgage on Land and Buildings – 3,000 Capital 1,500 Accumulated Funds 612 Total 9,335 9,335 ADDITIONAL INFORMATION All figures are in $’000 90% of sales are credit sales. All purchases are on a credit basis. Only Administration expenses are subject to accruals. There is no accrued interest receivable or payable. Assume income tax payments are equal to income tax expense. No plant or equipment was purchased during the year. Complete a cash flow statement in accordance to Australian Accounting Standards.

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