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Q3. The following information is provided to you concerning Hongha Ltd: Hongha Ltd Comparative Balance Sheet for the year ending 30 June 2019 and 30 June 2020 Current Assets as at 30 June 2019 as at 30 June 2020 $ $ Cash at Bank 24 200 30 800 Accounts Receivable 96 000 116 000 10 000 12 000 Short Term Investments Inventory Total Current Assets 74 600 70 800 204 800 229 600 Non Current Assets Plant and Equipment 42 000 Less Accumulated Depreciation 10 000 50 400 32 000 12 800 37 600 18 400 Office Equipment 16 000 Less Accumulated Depreciation 7 600 Total Non Current Assets 8 400 8 400 10 000 40 400 47 600 TOTAL ASSETS 245 200 277 200 Current Liabilities 45 000 47 200 Accounts Payable Tax payable Total Current Liabilities 3 000 4 000 48 000 51 200 Non Current Liabilities TOTAL LIABILITIES 48 000 51 200 SHAREHOLDERS' EQUITY Share Capital 165 000 196 000 Retained Profits 32 200 $197 200 30 000 $226 000 Hongha Ltd Income Statement For the Year Ending 30 June 2020 $ S Sales 750 000 Less Cost of Goods Sold 1603 000 Gross Profit 147 000 Add Profit on Sale of Plant and Equipment 600 147 600 130 800 Less Expenses General Expenses Depreciation - Plant and Equipment Depreciation - Office Equipment Profit before Tax 6 000 800 137 600 10 000 Less Income Tax Expense 4200 Net Profit After Tax S5 800 . Additional Information A dividend was paid during the year which amounted to $8 000. Plant and equipment costing $5 000 was sold during the year and proceeds amounting to $3 000 received At the date of sale the accumulated depreciation of the asset amounted to $2 600. Required Prepare a statement of cash flows for Hongha Ltd for the year ending 30 June 2020. Show all calculations

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