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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...

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Question Preview:

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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