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).
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 13MCQ
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do not give in image formet fast Answer please
![LONG BEACH LTD
Income Statement
for the year ended 30 June 2023
($'000)
Sales (on credit)
Less: Cost of goods sold
Gross profit
Less: expenses (including depreciation)
Profit
16 800
5 100
11 700
8 610
3
090
Additional information:
Insurance expense for the year ended 30 June 2023 is nil. All other expenses were paid in cash
(excluding depreciation). The company declared and paid cash dividend. The bank overdraft was
considered to be part of the entity's everyday cash management activities.
Required:
Prepare a statement of cash flows using the direct method for the year ended 30 June 2023 (show
all workings).](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4be9481d-42db-49d0-9351-cb00829908ba%2F3dfcc09c-18c0-4a03-bb0e-2643c4dfc178%2Fede79t7_processed.jpeg&w=3840&q=75)
Transcribed Image Text:LONG BEACH LTD
Income Statement
for the year ended 30 June 2023
($'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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4be9481d-42db-49d0-9351-cb00829908ba%2F3dfcc09c-18c0-4a03-bb0e-2643c4dfc178%2Fvzwp3q7_processed.jpeg&w=3840&q=75)
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
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