Homework Help is Here – Start Your Trial Now!
Business
Accounting
Prepare a statement of cash flows using the direct method for the year ended 30 June 2023 (show all workings).

Prepare a statement of cash flows using the direct method for the year ended 30 June 2023 (show all workings).

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

do not give in image formet fast Answer please

LONG BEACH LTD Income Statement for the year ended 30 June 2023 ($'000) Sales (on credit) Less: Cost of goods sold Gross profit Less: expenses (including depreciation) Profit 16 800 5 100 11 700 8 610 3 090 Additional information: Insurance expense for the year ended 30 June 2023 is nil. All other expenses were paid in cash (excluding depreciation). The company declared and paid cash dividend. The bank overdraft was considered to be part of the entity's everyday cash management activities. Required: Prepare a statement of cash flows using the direct method for the year ended 30 June 2023 (show all workings).
Transcribed Image Text:LONG BEACH LTD Income Statement for the year ended 30 June 2023 ($'000) Sales (on credit) Less: Cost of goods sold Gross profit Less: expenses (including depreciation) Profit 16 800 5 100 11 700 8 610 3 090 Additional information: Insurance expense for the year ended 30 June 2023 is nil. All other expenses were paid in cash (excluding depreciation). The company declared and paid cash dividend. The bank overdraft was considered to be part of the entity's everyday cash management activities. Required: Prepare a statement of cash flows using the direct method for the year ended 30 June 2023 (show all workings).
LONG BEACH LTD Comparative Statements of Financial Position as at 30 June Assets Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation - equipment Land Motor vehicles Accumulated depreciation - motor vehicles Total assets Liabilities Bank overdraft Accounts payable Long-term mortgage Total liabilities Net assets Equity Share capital Retained earnings Total equity 2022 ($'000) 100 4 290 6 000 300 19 200 (6 000) 20 400 14 550 (5 490) 53 350 400 6 150 14 100 20 650 32 700 25 000 7 700 32 700 2023($'000) 700 3 150 6 600 360 25 500 (7 500) 24 000 15 600 (6 300) 62 110 160 7 950 18 900 27 010 35 100 25 000 10 100 35 100
Transcribed Image Text:LONG BEACH LTD Comparative Statements of Financial Position as at 30 June Assets Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation - equipment Land Motor vehicles Accumulated depreciation - motor vehicles Total assets Liabilities Bank overdraft Accounts payable Long-term mortgage Total liabilities Net assets Equity Share capital Retained earnings Total equity 2022 ($'000) 100 4 290 6 000 300 19 200 (6 000) 20 400 14 550 (5 490) 53 350 400 6 150 14 100 20 650 32 700 25 000 7 700 32 700 2023($'000) 700 3 150 6 600 360 25 500 (7 500) 24 000 15 600 (6 300) 62 110 160 7 950 18 900 27 010 35 100 25 000 10 100 35 100
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Cash Flow Statement Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS