The following balance sheet and income statement extracts pertain to Dita Ltd. Dita Ltd Balance sheet extracts as at: 31/12/20X8 31/12/20X7 Current assets: Inventory 235,000 250,000 Receivables 56,300 58,500 Prepayments 1,500 1,200 Current liabilities: Payables 34,700 28,450 Accruals 1,550 1,000 Dita Ltd Income statement extract for the period ended 31 December 20X8 Sales revenue 375,000 Less: cost of sales (230,000) Gross profit 145,000 Operating expenses* (62,500) Operating profit 82,500 *Operating expenses include £14,500 depreciation expense. Calculate cash generated from operations during 20X8.
2) An extract from Clemence Ltd's income statement for the period ended 31 December 2011 is as follows. Clemence Ltd income statement extract Sales revenue 5,500,000 Less: Cost of sales (2,500,000) Gross profit 3,000,000 Less: Operating expenses (1,350,000) Operating profit 1,650,000 Less: Finance cost (interest charge) (230,000) Profit before tax 1,420,000 Less: Corporation tax (480,000) Profit for the period 940,000 The opening and closing balances on the interest payable and corporation tax payable accounts were as follows. 31 Dec 2011 1 Jan 2011 Interest payable 225,000 240,000 Corporation tax payable 420,000 410,000 Total 645,000 650,000 Calculate interest paid and corporation tax paid during 2011.