(2) Statement of Cash Flow. The Statement of Financial Position

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1 (2) Statement of Cash Flow 74 The Statement of Financial Position Assets Current Assets Operating Noncurrent Assets Investing Liabilities & Shareholders Equity Current Liabilities Operating Noncurrent Liabilities Financing Contributed Capital Financing Retained Earnings Net Income - Operating Cash Dividends - Financing 75 1 of 28 CMA Ontario, 2012

2 Statement of Cash Flow - Components operations: arrives at cash flows by adjusting net income for those items that have no effect on cash (indirect approach) i.e depreciation expense, gains/losses on disposal of assets then taking into account the changes in noncash current assets and liabilities» increase in current assets use cash» increase in current liabilities generate cash 76 Statement of Cash Flow - Components (cont d) financing activities issuance or retirement of common shares for cash dividends paid, not just declared issuance or retirement of non-current liabilities for cash investing activities sale or purchase of long-term assets for cash cash flows from interest and dividends received and paid shall be disclosed separately - each shall be classified in a consistent manner from period to period as either operating, investing or financing activities (IAS1.31) 77 2 of 28 CMA Ontario, 2012

3 Statement of Cash Flow - Direct vs. Indirect the direct method is recommended but not mandatory; the majority of companies still use the indirect approach only affects the cash flow from operations indirect approach takes net income and adjusts it for non cash items direct approach considers all of the cash flow elements in the statement of income, line by line 78 Statement of Cash Flow - Direct Method cash flow from operations is a usually a minimum of four items: cash received from customers cash paid out to for operating expenses* interest paid income taxes paid * can be broken out into separate line items 79 3 of 28 CMA Ontario, 2012

4 Cash Flow from Operations - Direct Cash collected from customers = Sales adjusted for the change in A/R and Unearned Revenues Cash paid for interest = Interest expense adjusted for the change in interest payable and amortization of bond discount/premium Cash paid for income taxes = Income tax expense adjusted for the change in income taxes payable 80 Cash Flow from Operations - Direct Cash paid to suppliers = COGS adjusted for the change in inventory (this gives you purchases) adjusted for the change in A/P (gives you the cash paid on purchases) Cash paid for salaries = Salaries and wages expense adjusted for the change in salaries and wages payable Cash paid for other operating expenses = other operating expenses adjusted for the change in other payables and/or prepaid expenses 81 4 of 28 CMA Ontario, 2012

5 Statement of Cash Flow - Definition of Cash / Short Term Loans cash includes cash and cash equivalents cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value equity investments are excluded from cash equivalents treatment of short term bank loans: bank overdrafts may be included as a component of cash and cash equivalents when the bank balance fluctuates frequently from being positive to overdrawn; otherwise, bank overdrafts and short term demand loans are considered as cash flow from financing 82 ASPE Differences dividends paid are classified as a financing activity interest expense, interest and dividend revenues are classified as an operating activity 83 5 of 28 CMA Ontario, 2012

6 Statement of Cash Flow - Example 1 Given the following information, solve for cash collections from customers: Beginning accounts receivable $50,000 Ending accounts receivable 60,000 Sales 2,000,000 Unearned revenues - beginning 30,000 Unearned revenues - ending 35, Statement of Cash Flow - Example 2 Given the following information, solve for cash payments to suppliers: Beginning inventory $270,00 0 Ending Inventory 245,000 Cost of goods sold 970,000 Beginning accounts payable 165,000 Ending accounts payable 185, of 28 CMA Ontario, 2012

7 Statement of Cash Flow - Example 3 Given the following information, solve for proceeds from the sale of property, plant and equipment (there were no additions during the year) Cost of property, plant and equipment - Beginning $1,200,000 Ending 1,030,000 Accumulated Depreciation - Beginning 660,000 Ending 740,000 Loss on sale of equipment 25,000 Depreciation expense 150, Statement of Cash Flow - Example 4 Given the following information, solve for interest paid: Interest expense $170,000 Interest payable, beginning 6,700 Interest payable, ending 7, of 28 CMA Ontario, 2012

8 Problem 4 - Statement of Cash Flow The income statement, balance sheet, and supplementary information for Milman Company are as follows: MILMAN COMPANY Income Statement year ended December 31, 20x8 Sales revenue $ 50,000 Amortization expense - patent $ 150 Depreciation expense - equipment 1,000 Cost of goods sold 28,000 Income tax expense 3,500 Interest expense 800 Loss on sale of equipment 200 Miscellaneous expenses 400 Salaries expense 9,500 43,550 Net income $ 6,450 MILMAN COMPANY Statement of Financial Position December 31, 20x8 20x8 20x7 Cash $ 5,400 $ 4,500 Accounts receivable 11,000 7,400 Allowance for doubtful accounts (500) (400) Inventory 13,000 11,000 Equipment 29,000 31,650 Accumulated amortization (4,500) (5,000) Patents 1,500 1,650 Land 16,250 10,000 $ 71,150 $ 60,800 Accounts payable $ 13,000 $ 10,000 Salaries payable 10,000 10,500 Income tax payable 7,000 5,000 Long-term bonds payable 6,500 9,000 Common shares 24,150 19,000 Retained earnings 10,500 7,300 $ 71,150 $ 60,800 8 of 28 CMA Ontario, 2012

9 Equipment which was no longer in use was sold for $950. It had originally cost $2,650 and had accumulated amortization of $1,500. Land was acquired for $4,250. Shares with a fair market value of $2,000 were issued in exchange for land. A cash dividend was paid Long-term bonds with a face value of $2,500 were repurchased Required a. Prepare a statement of cash flow for the year ended December 31, 20x8 using the indirect method. b. Prepare the operating section of the statement of cash flow using the direct method. 9 of 28 CMA Ontario, 2012

10 (3) Revenue Recognition 88 IAS 18 - Revenue Recognition " applies to: sale of goods rendering of services interest, royalties and dividends revenue is measured as the fair value of the consideration received or receivable if the consideration is to be received over time and provides favorable financing terms to the buyer, then the cash flows are discounted and the amount of revenue is calculated based on the discounted value of 28 CMA Ontario, 2012

11 Sale of Goods revenue from the sale of goods shall be recognized when all the following conditions have been satisfied: the entity has transferred to the buyer the significant risks and rewards of ownership of the goods; the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; the amount of revenue can be measured reliably; it is probable that the economic benefits associated with the transaction will flow to the entity; and the costs incurred or to be incurred in respect of the transaction can be measured reliably. 90 Rendering of Services service revenue is to be recognized on the percentage of completion basis if the following conditions are present: the amount of revenue can be measured reliably; it is probable that the economic benefits associated with the transaction will flow to the entity; the stage of completion of the transaction at the reporting date can be measured reliably; and the costs incurred for the transaction and the costs to complete the transaction can be measured reliably. when the outcome of the transaction involving the rendering of services cannot be estimated reliably, revenue shall be recognized only to the extent of the expenses recognized that are recoverable of 28 CMA Ontario, 2012

12 Interest, royalties and dividends the criteria for recognizing interest, royalties and dividends are: it is probable that the economic benefits associated with the transaction will flow to the entity; and the amount of the revenue can be measured reliably. the bases for recognizing revenues are: for interest using the effective interest method, for royalties accrual basis in accordance with the substance of the relevant agreement, and for dividends when the right to receive payment is established (typically when the dividends have been declared). 92 Bill and hold sales transactions where delivery is delayed at the buyer s request, but the buyer takes title and accepts billing criteria: it is probable that delivery will be made the item is on hand, identified and ready for delivery the buyer specifically acknowledges the deferred delivery instructions, and the usual payment terms apply of 28 CMA Ontario, 2012

13 Franchises franchise revenue can take on the following forms: initial franchise fee - accrue over time as services are rendered (i.e. when earned) continuing franchise fee - accrue as earned acquisition of equipment, inventory and supplies - accrue using general revenue recognition principles 94 Other insurance agent commissions: recognize at the commencement or renewal of the policy unless the agent has to render further services consignment sales - recognize revenue when the sale has been made to a 3rd party of 28 CMA Ontario, 2012

14 Long-term construction contracts - IAS 11 actual construction costs incurred are accumulated in a construction-in-progress (CIP) account - an inventory account accounts receivable is debited and a billings account is credited any profit or loss realized on the contract gets debited/credited to the CIP account when the contract is completed, final billings are made to the customer, and construction in progress should be equal to billings the completed contract method is not permitted 96 Application of the Percentage of Completion method % of completion = costs incurred to date / total estimated project costs total estimated project costs = costs incurred to date + estimated costs to complete the % of completion is applied against the total estimated contract profit resulting in the cumulative profit that can be accrued on the contract the difference between the cumulative profit and the accumulated profit taken on the contract to the beginning of the period = the profit that can be taken on the contract in the current period of 28 CMA Ontario, 2012

15 Percentage of Completion Example The Jerome Company is ending the first year of a three year project whose contracted price is $2,500,000. A total of $600,000 has been spent on this project to date and they expect to incur an additional $1,400,000. A total of $500,000 was billed in the first year. How much profit can be reported on this contract in the first year. Prepare all journal entries relative to this contract. 98 Accounting for a contract loss if we expect to incur a loss on the contract, then we have to recognize the full loss in the year the loss is first estimated (prudence) the % of completion is not relevant in the period a contract loss can be estimated prior year results are not adjusted since this constitutes a change in accounting estimate of 28 CMA Ontario, 2012

16 Problem 7 - Revenue Recognition Broadway Company builds shopping centres. Information on a $10 million three-year construction contract is as follows (all numbers in thousands): 20x1 20x2 20x3 Costs incurred during the year $1,000 $3,800 $3,000 Estimated costs to complete 7,000 2,700 0 Billings during the year 750 3,000 6,250 Collections during the year 675 2,700 6,500 The company uses the percentage of completion method to account for long-term construction contracts. Required - (a) (b) (c) (d) How much profit will be recognized on the construction contract during each of the three years? Prepare the asset side of the balance sheet for each of the three years. Omit the cash account. Assume that the Broadway Company is a private enterprise and is subject to ASPE. The company has determined that the completed contract method is to be used for this project. Prepare the journal entries for the years 20x1 through to 20x3 for this project. Assume now that the costs incurred during the year and estimated costs to complete are as follows: 20x1 20x2 20x3 Costs incurred during the year $1,000 $4,880 $3,000 Estimated costs to complete 7,000 3,800 2,000 Calculate the profit on the contract for 20x2 and 20x3. 16 of 28 CMA Ontario, 2012

17 When the outcome of a construction contract cannot be estimated reliably? revenue shall be recognized only to the extent of contract costs incurred that it is probable will be recoverable; and contract costs shall be recognized as an expense in the period in which they are incurred i.e. zero profit! 100 ASPE Differences revenues from the sale of goods and services are to be recognized when specific performance requirements are met provided that ultimate collection is reasonably assured sales of goods and services criteria are similar except the existence of contractual arrangements will be a determining factor when recognizing revenues the completed contract method is allowed in the determination of service and construction contract revenues of 28 CMA Ontario, 2012

18 ASPE Differences - cont d completed contract method: used when performance consists of the execution of a single act or when you cannot reasonably estimate the extent towards completion all costs are accumulated in the CIP account, billings accumulated in the billings account until the time the contract is complete at which time both accounts are closed to cost of construction and revenue on the income statement 102 ASPE Differences - cont d interest, royalties and dividends interest revenue can be recognized using either the effective interest method or any systematic method of allocation, i.e. straight-line of 28 CMA Ontario, 2012

19 (4) Cash 104 Cash " accounting for petty cash the bank reconciliation: First, record any transactions that went through the bank statement that were not recorded on the company books; Second, reconcile the bank statement balance to the book balance: Cash in Bank - Outstanding Cheques + Outstanding Deposits ± Bank errors = Cash per books of 28 CMA Ontario, 2012

20 Problem 8 - Cash The following information is available for Joanne Corporation for the month of August, 20x5: 1. The balance on the bank statement as at August 31, 20x5 is $16, The August 31, 20x5 deposit of $3,567 is not recorded on the bank statement. 3. The following cheques were written and in July and August 20x5 but have not yet been cashed by the bank: # 315 Ray s Plumbing Service $1,211 # 367 HandiHouse 565 # 368 Hydro Canada 1,897 # 369 Receiver General for Canada 2,540 # 370 Dollco Printing 1, A customer s cheque in the amount of $545 was returned by the bank NSF. 5. Bank service charges amounted to $ Cheque # 356 for office supplies was incorrectly recorded in the books of accounts in the amount of $1,985. The correct amount (and the amount that cleared the bank account) is $1, The bank charged interest on the line of credit in the amount of $1, A cheque in the amount of $876 cleared the bank account. This cheque was written by JoAnn Corporation and was charged to our account by mistake. 9. The cash account on the company s books shows a balance of $15,275. Required a. Prepare all journal entries required to adjust the cash account. b. Prepare a bank reconciliation as at August 31, 20x5. 20 of 28 CMA Ontario, 2012

21 (5) Accounts Receivable 106 Valuation of Accounts Receivable Two approaches: statement of financial position approach: we estimate the amount needed in the allowance for doubtful accounts; any remainder goes to bad debt expense income statement approach: we estimate the amount of bad debt expense directly (usually as a % of credit sales); any remainder goes to the allowance for doubtful accounts we cannot simultaneously estimate the allowance for doubtful account and bad debt expense of 28 CMA Ontario, 2012

22 Application of the Allowance Method when the allowance for doubtful accounts is adjusted, the corresponding debit or credit is bad debt expense: dr. Bad debt expense cr. Allowance for doubtful accounts when accounts are actually written off, they reduce both accounts receivable and allowance for doubtful accounts; dr. Allowance for doubtful accounts cr. Accounts receivable 108 Application of the Allowance Method - cont d when a previously written-off account subsequently gets recovered, we first reverse the entry made to write the account off: dr. Accounts receivable " cr. Allowance for doubtful accounts we then record the collection of the account: dr. Cash " cr. Accounts receivable of 28 CMA Ontario, 2012

23 Accounts Receivable - Example 1 Credit Sales $2,000,000 Allowance for doubtful accounts, beginning $27,000 cr. Accounts written off during the year 37,000 Account recoveries during the year 4,500 Assume that the allowance for doubtful accounts at the end of the year is estimated to be $35,000. Calculate the bad debt expense for the year. 110 Accounts Receivable - Example 2 Given the following information, solve for cash collections from customers: Beginning accounts receivable $75,000 Ending accounts receivable 100,000 Sales 2,250,000 Accounts written off 5, of 28 CMA Ontario, 2012

24 Problem 9 Accounts Receivable Eden Ltd. began operations on January 1, 20x3, and has a December 31 fiscal year end. Eden Ltd. estimates that, on average, 5% of credit sales will never be collected. The following information is available for 20x3 and 20x4: 20x4 20x3 Cash sales $ 360,000 $ 260,000 Credit sales 940, ,000 Total sales $1,300,000 $1,100,000 Payments received on account of credit sales $700,000 $500,000 Credit accounts written off $45,000 $20,000 Recoveries of accounts previously written off (not included in the $700,000 payments received on account of credit sales) $5,000 0 Required - On its December 31, 20x4, balance sheet, what amount would Eden Ltd. report as accounts receivable, net of allowance for uncollectible accounts? 24 of 28 CMA Ontario, 2012

25 Problem 10 Accounts Receivable M Ltd. uses the allowance method, based on 5% of accounts receivable, for estimating its annual allowance for uncollectible accounts. Selected balances from M Ltd.'s December 31 trial balance are as follows: Accounts receivable Allowance for uncollectible accounts Sales Bad debt expense $420,000 dr 22,000 cr 2,500,000 cr 13,500 dr An analysis of bad debt expense as at December 31 indicates the following: Accounts written off during the year Recovery of bad debts written off in previous years $16,000 dr 2,500 cr $13,500 dr What amount of bad debt expense should M. Ltd. report for the year? 25 of 28 CMA Ontario, 2012

26 Week 2 Homework File Suggested study plan for this week: Primary List Secondary List 1. Review what we did in class on Saturday. 2. Statement of Cash Flow Prepare In-Class Problem 5 Worsley Ltd. It will be taken up in class next week (this problem is located on the next page and is also replicated in the Week 3 file) MCQ, Problems 1, 2, 4 Problems 3, 5 3. Revenue Recognition MCQ, Problems 2, 3, 4, Problems 1, 5 4. Cash MCQ, Problems 2, 3 Problem 1 5. Accounts receivable Problems 1, 2, 3 Problems 4, 5, 6 6. Prepare the Week 2 Quiz. 26 of 28 CMA Ontario, 2012

27 Problem 5 Statement of Cash Flow The comparative statements of financial position and income of Worsley Ltd. are shown below. WORSLEY LTD. Statement of Financial Position as at December 31 20x3 20x2 Current assets Cash $ 137,000 $ 116,000 Accounts receivable 371, ,000 Inventory 460, ,000 Prepaid expenses 26,000 17, , ,000 Property, plant and equipment 2,836,000 2,445,000 Accumulated depreciation (1,121,000) (1,034,000) 1,715,000 1,411,000 $ 2,709,000 $ 2,394,000 Current liabilities Accounts payable $ 436,000 $ 492,000 Unearned revenues 56,000 78,000 Interest payable 104,000 99,000 Income taxes payable 31,000 35,000 Dividends payable 35,000 23, , ,000 Bonds payable 800,000 1,000,000 Mortgage payable 400, ,000 1,200,000 1,250,000 Shareholders equity Common shares 500, ,000 Retained earnings 347, , , ,000 $ 2,709,000 $ 2,394, of 28 CMA Ontario, 2012

28 WORSLEY LTD. Income Statement for the year ended December 31, 20x3 Sales $ 4,971,000 Cost of goods sold (4,112,000) Depreciation expense (155,000) Operating expenses (471,000) Interest expense (84,000) Income tax expense (36,000) Gain on repayment of bonds payable 3,000 Loss on disposal of capital assets (4,000) Net income $ 112,000 Additional information 1. On January 10, 20x3, Worsley issued 10,000 common shares for property, plant and equipment. The property, plant and equipment acquired had a current market value of approximately $75, On March 16, 20x3, Worsley sold a capital asset that cost $112,000. Required a. Prepare a cash flow statement for the year ending December 31, 20x3. Use the indirect approach to report the operating activities. b. Prepare the cash flow from operations using the direct approach. 28 of 28 CMA Ontario, 2012

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