NASH'S LTD.Statement of IncomeFor the year ended June 30, 2024Sales revenueCost of goods soldGross profitExpensesWages expenseDepreciation expenseRent expenseIncome tax expenseOperation incomeGain on sale of equipmentNet incomeAdditional information:1.$63,00018,50016,00015,500$400,000210,000190,000113,00077,0005,000$82,000The following information is for Nash Ltd. for the year ended June 30, 2024.AssetsCurrent assets:CashNASH'S LTD.Statement of Financial PositionAs at June 30Accounts receivableInventoryTotal current assetsEquipmentAccumulated depreciation, equipmentLandLiabilities and shareholders' equityCurrent liabilitiesAccounts payableDividends payableTotal current liabilitiesBank loan payableCommon sharesRetained earnings2024$63,00094,80082,500240,300153,000(33,500)163,000$522,800$45,00015,00060,000114,500163,000185,3002023$43,00063,00098,500204,500113,000(29,000)200,000$488,500$70,0005,00075,000163,000108,000142,500Land was sold at cost and none was purchased during the year.2.In January, Nash sold for cash equipment that had an original cost of $25,000 and a net carrying amount of $11,000.$522,800 $488,500 Using the information above, prepare the statement of cash flows for Nash Ltd. for the year ended June 30, 2024, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g.-15,000 or in parenthesis e.g. (15,000).)(a)NASH'S LTD.Statement of Cash Flows, Indirect Method$$Determine the cash flows from operating activities using the direct method.(Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)(b)NASH'S LTD.Statement of Cash Flows, Direct Method$$

NASH'S LTD. Statement of Income For the year ended June 30, 2024 Sales revenue Cost of goods sold Gross profit Expenses Wages expense Depreciation expense Rent expense Income tax expense Operation income Gain on sale of equipment Net income dditional information: $63,000 18,500 16,000 15,500 $400,000 210,000 190,000 113,000 77,000 5,000 $82,000 Assets Current assets: Cash NASH'S LTD. Statement of Financial Position As at June 30 Accounts receivable Inventory Total current assets Equipment Accumulated depreciation, equipment Land Liabilities and shareholders' equity Current liabilities Accounts payable Dividends payable Total current liabilities Bank loan payable Common shares Retained earnings 2024 $63,000 94,800 82,500 240,300 153,000 (33,500) 163,000 $45,000 15,000 60,000 114,500 2023 163,000 185,300 $43,000 63,000 98,500 204,500 113,000 (29,000) $522,800 $488,500 200,000 $70,000 5,000 75,000 163,000 108,000 142,500 1. Land was sold at cost and none was purchased during the year. 2. In January, Nash sold for cash equipment that had an original cost of $25,000 and a net carrying amount of $11,000. $522,800 $488,500

NASH'S LTD. Statement of Income For the year ended June 30, 2024 Sales revenue Cost of goods sold Gross profit Expenses Wages expense Depreciation expense Rent expense Income tax expense Operation income Gain on sale of equipment Net income dditional information: $63,000 18,500 16,000 15,500 $400,000 210,000 190,000 113,000 77,000 5,000 $82,000 Assets Current assets: Cash NASH'S LTD. Statement of Financial Position As at June 30 Accounts receivable Inventory Total current assets Equipment Accumulated depreciation, equipment Land Liabilities and shareholders' equity Current liabilities Accounts payable Dividends payable Total current liabilities Bank loan payable Common shares Retained earnings 2024 $63,000 94,800 82,500 240,300 153,000 (33,500) 163,000 $45,000 15,000 60,000 114,500 2023 163,000 185,300 $43,000 63,000 98,500 204,500 113,000 (29,000) $522,800 $488,500 200,000 $70,000 5,000 75,000 163,000 108,000 142,500 1. Land was sold at cost and none was purchased during the year. 2. In January, Nash sold for cash equipment that had an original cost of $25,000 and a net carrying amount of $11,000. $522,800 $488,500

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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