P16-2 Preparing the cash flow statement-direct method [35-45 min] MPG Ltd's accountants have developed the following data from the company's accounting records for the year ended 30 April 2016: a Purchase of non-current assets, $59400. b Cash receipt from issue of bills payable, $46 100. c Payments of bills payable, $44 000. d Cash receipt from sale of non-current assets, $24 500. e Cash receipt of dividends, $4800. f Payments to suppliers, $374300. g Interest expense and payments, $12000. h Payments of salaries, $88000. i Income tax expense and payments, $37000. į Depreciation expense, $59900. k Collections from customers, $605500. I Payment of cash dividends, $49400. m Cash receipt from issue of ordinary shares, $64900. n Cash balance: 30 April 2015, $40 000; 30 April 2016, $121700. Requirement Prepare MPG's cash flow statement for the year ended 30 April 2016. Use the direct method for cash flows from operating activities

P16-2 Preparing the cash flow statement-direct method [35-45 min] MPG Ltd's accountants have developed the following data from the company's accounting records for the year ended 30 April 2016: a Purchase of non-current assets, $59400. b Cash receipt from issue of bills payable, $46 100. c Payments of bills payable, $44 000. d Cash receipt from sale of non-current assets, $24 500. e Cash receipt of dividends, $4800. f Payments to suppliers, $374300. g Interest expense and payments, $12000. h Payments of salaries, $88000. i Income tax expense and payments, $37000. į Depreciation expense, $59900. k Collections from customers, $605500. I Payment of cash dividends, $49400. m Cash receipt from issue of ordinary shares, $64900. n Cash balance: 30 April 2015, $40 000; 30 April 2016, $121700. Requirement Prepare MPG's cash flow statement for the year ended 30 April 2016. Use the direct method for cash flows from operating activities

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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