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Account June 30 2020 June 30 2019 ...

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Question

Accounting

Account

June 30 2020

June 30 2019

$

$

Cash and cash equivalents

95,800

64,000

Debtors

231,600

157,200

Inventory

96,720

104,400

Plant and equipment

100,000

75,000

Accumulated depreciation plant and equipment

(40,000)

(29,000)

Total assets

484 120

371,600

Creditors

71,000

74,400

Accrued expenses

30,000

33,000

Long-term loan

100,000

50,000

Capital and reserves

283,120

214,200

Total liabilities and owners equity

484 120

371,600

Sales

440,000

Less: Cost of goods sold

296,000

Gross profit

144,000

Operating expenses (including depreciation)

84,000

Net profit

60,000

Note: 1. No plant and equipment was sold during the year.

2. Dividends of $20,000 in cash were paid during the year.

3. All sales are on credit.

REQUIRED:

Prepare a statement of cash flows for the year ended 30 June 2020 using the direct method.

Triple Threat

Statement of Cash Flows for the year ended 30 June 2020

Cash flows from operating activities

Cash flows from investing activities

Cash flows from financing activities

Cash at end of the year

Answer & Explanation Solved by verified expert
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