The following are extracts from the financial records of COF (Pty) Ltd for the year ended30 June 2021:Extract from the statement of profit or loss and other comprehensive incomefor the year ended 30 June 202130 June 2021RRevenue from sale of goods920 000Cost of sales490 000Profit on sale of non-current assets31 000Commission income23 000Audit fees84 000Depreciation72 000Interest expense (finance cost)20 000Income tax expense87 000Profit for the year (after tax)123 000 Extract from the statement of financial position as at 30 June 202130 June 202130 June 2020RRInventories302 000292 000Trade receivables690 000720 000Trade payables400 000385 000Taxation payable75 00060 000Prepaid expenses8 0002 000Accrued expenses84 00088 000Required:Prepare only the "Cash generated by operations" section of the statement of cash flowsfor the year ended 30 June 2021, using the indirect method

Cash flows from operating activities is an important section of cash flows statement for the…

Answered: Extract from the statement of financial…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Sample Problem: Use the following data to construct a statement of cash flows using the direct and indirect methods. 2020 2019 Cash P4,000 P14,000 Accounts receivable 25,000 32,500 Prepaid insurance 5,000 7,000 Inventory 37,000 34,000 Fixed assets 316,000 270,000 Accumulated Depreciation Total assets Accounts payable P18,000 P16,000 Wages payable 4,000 7,000 Note payable 173,000 160,000 Capital stock 88,000 84,000 Retained earnings Total Liabilities & Equity Sales Cost of goods sold (123,000) Depreciation expense (15,000) Insurance expense (11,000) Wage Expense Net Income During 2020 declared and paid dividends of P2,500 During 2020, ABC paid P46,000 in cash to acquire new fixed assets. The accounts payable was used only for inventory. No debt was retired during 2020. Prepare Statement of Cash Flow using; Direct Method Indirect Method
Please complete the statement of cashflows as required below: A comparative balance sheet and an income statement for Burgess Company are given below: Burgess CompanyComparative Balance Sheet(dollars in millions) Ending Balance Beginning Balance Assets Current assets: Cash and cash equivalents $ 44 $ 91 Accounts receivable 690 633 Inventory 675 630 Total current assets 1,409 1,354 Property, plant, and equipment 1,555 1,529 Less accumulated depreciation 800 666 Net property,plant, and equipment 755 863 Total assets $ 2,164 $ 2,217 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 270 $ 165 Accrued liabilities 185 165 Income taxes payable 87 77 Total current liabilities 542 407 Bonds payable 440 650 Total liabilities 982 1,057 Stockholders' equity: Common stock 170 170 Retained earnings 1,012 990 Total stockholders' equity 1,182 1,160 Total liabilities and stockholders' equity $…
Use the attached financial statements below and the additional information to prepare a Statement of Cash Flows using the indirect method. Mistletoe Inc. Statement of Financial Position As at December 31st, 2021 Assets 2021 2020 Current Cash $78,200 $39,000 FVPL Investments 110,600 54,000 Accounts receivable 144,000 72,000 Allowance for doubtful accounts (32,000) (21,000) Inventory 90,000 117,000 Total current assets $390,800 $261,000 Long-Term Assets Land $180,000 $144,000 Buildings 315,000 270,000 Equipment 264,000 185,000 Accumulated depreciation (130,000) (164,000) Total long-term assets 629,000 435,000 Total assets $1,019,800 $696,000 Liabilities and Shareholders’ Equity Current liabilities Accounts payable $45,000 $72,000 Income tax payable 32,400…
Required information Exercise 12-12 (Algo) Indirect: Preparing statement of cash flows LO P2, P3, A1 [The following information applies to the questions displayed below.) The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets At June 30 Assets Cash Accounts receivable, net Prepaid expenses Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 2021 2020 $ 95,500 95,000 $ 64,000 83,800 71,000 116,500 6,400 9,400 280,700 260,900 144,000 (37,000) $ 387,700 $ 45,000 8,000 135,000 (19,000) $ 376,900 $ 60,000 19,000 7,800 5,400 58,400 86,800 50,000 80,000 108,400 166,800 260,000 180,000 19,300 30,100 $ 387,700 $ 376,900 Sales IKIBAN INCORPORATED Income Statement For…
Calculate cash balances based on the information provided in the chart below and show me how you did it Pro Forma Cash Flow Cash Received Cash from Operations Cash Sales $24,198 $100,099 $122,460 Cash from Receivables $46,108 $217,218 $342,905 Subtotal Cash from Operations $70,306 $317,317 $465,366 Additional Cash Received Sales Tax, VAT, HST/GST Received $0 $0 $0 New Current Borrowing $0 $0 $0 New Other Liabilities (interest-free) $0 $0 $0 New Long-term Liabilities $0 $40,000 $0 Sales of Other Current Assets $0 $0 $0 Sales of Long-term Assets $0 $0 $0 New Investment Received $0 $0 $0 Subtotal Cash Received $70,306 $357,317 $465,366 Expenditures Year 1 Year 2 Year 3 Expenditures from Operations Cash Spending $167,000 $225,200 $229,200 Bill Payments $75,294 $124,114 $152,785 Subtotal Spent on Operations $242,294 $349,314 $381,985 Additional Cash Spent Sales Tax,…
GDM Equipment, Inc. reported the following data for 2025: View the data. Compute GDM Equipment, Inc.'s net cash provided by operating activities-indirect method. (Use a minus sign or parentheses for amounts that result in a decrease in cash.) GDM Equipment, Inc. Statement of Cash Flows (Partial) Year Ended December 31, 2025 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Net Cash Provided by (Used for) Operating Activities Data ... Income Statement: Net Income Depreciation Expense $ 46,000 9,500 Balance Sheet: Increase in Accounts Receivable 8,000 Decrease in Accounts Payable 3,000 Print Done - ☑
Consider the following information from the Income Statement of Production Ltd. on 31st December 2022 (accounting year-end): Operating profit equals £30,000 and depreciation expense equals £2,000. In addition, consider the following information from the Statement of Financial Position of Production Ltd.: Trade Receivables Trade Payables 31st December 2021 31st December 2022 £ £ 2,500 9,000 32,000 12,000 Additional information: • Tax paid on cash during the current accounting year amounts to £12,500 • Gain on asset disposal equals £1,000. Considering all the previous information from Production Ltd., which of the following statements is true on 31st December 2022? O a. Production Ltd. shows a negative net cash flow from operating activities which equals -£8,000. O b. Production Ltd. shows a positive net cash flow from operating activities which equals £3,000. O c. The net cash flow from operating activities equals £0 O d. None of the answers is true.
Rize Kamishiro Corp. uses the direct method to prepare its statement of cash flows. Rize Kamishiro's trial balances at December 31, 2021 and 2022 are as follows: 12/31/22 12/31/21 Debits Cash P35,000 33,000 31,000 100,000 4,500 P32,000 30,000 47,000 95,000 Accounts receivable Inventory Property, plant and equipment Unamortized bond discount Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense 5,000 380,000 172,000 151,300 250,000 141,500 137,000 4,300 20,400 P756,700 2,600 61,200 P976,100 Credits Allowance for uncollectible accounts P1,300 P1,100 Accumulated depreciation Trade accounts payable Income taxes payable Deferred tax liability 8% callable bonds payable Share capital Share premium Retained earnings 16,500 15,000 25,000 21,000 5,300 45,000 50,000 17,500 27,100 4,600 20,000 40,000 7,500 64,600 778,700 P976,100 9,100 44,700 Sales 538,800 P756,700 • Rize Kamishiro purchased P5,000 in equipment during 2022. • Rize Kamishiro…
Prepare a cash flow statement (indirect method) from the given information. please include explanation for each step/line item
Current Attempt in Progress Lee Enterprises reports the following information: Net income Depreciation expense Increase in accounts payable Increase in accounts receivable $5180000 $3979520. $5180000. $6380480. $5706480. 704480 159000 337000 Lee should report cash provided by operating activities of
Prepare the statement of cash flows using the indirect method of presenting cash flows from operating activities
23. Help me selecting the right answer. Thank you

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