P14.7 Prepare a statement of cash flows-indirect method, and compute freecash flow.P14.7 (LO 2, 3) Presented below are the financial statements of Rajesh Ltd.Rajesh Ltd.Comparative Statements of Financial PositionDecember 31Assets20202019£ 78,000(24.000)£ 60.000EquipmentAccumulated depreciation-cquipmentInventoryAccounts receivable(29,000)30,00020.00033,00014,000Cash37,00020,000Total£131,000£108.00014-46 CHAPTER 14Statement of Cash FlowsEquity and LiabilitiesShare capital-ordinaryRetained carningsBonds payable£ 18,000£ 14,00050,00038.00027,00033,000 Accounts payableIncome taxes payable29.0007,00015,0008,000Total£131,000£108,000Rajesh Ltd.Income StatementFor the Year Ended December 31, 2020£242,000175,000Sales revenučCost of goods soldGross profitOperating expenses67,00024,000Income from operationsInterest expense43,0003,000Income before income taxesIncome tax expense40,0008,000Net income£ 32,000Additional data:1. Depreciation expense is £13,300.2. Dividends declared and paid were £20,.000.3. During the ycar, equipment was sold for £9,700 cash. This cquipmcnt cost £18,000 originally andhad accumulated depreciation of £8,300 at the time of sale.Instructionsa. Cash from operations£29,300a. Prepare a statement of cash flows using the indirect method.b. Compute free cash flow.

Cash flow statement: It is a statement which reports the cash inflows and outflows of a business…

Prepare a statement of cash Jlows indirect method, and compute free cash flow P14.7 (LO 2, 3) Presented below are the financial statements of Rajesh Ltd. Rajesh Ltd. Comparative Statements of Financial Position December 31 Assets 2020 2019 £ 60,000 (29,000) £ 78,000 (24.000) Equipment Accumulated depreciation-cquipment Inventory Accounts receivable 30,000 20,000 33,000 14.000 Cash 37,000 20.000 Total £131,000 £108.000 14-46 CHAPTER 14 Statement of Cash Flows Equity and Liabilities Share capital-ordinary Retained carnings Bonds payable £ 18,000 £14,000 50,000 38,000 27,000 33,000

Prepare a statement of cash Jlows indirect method, and compute free cash flow P14.7 (LO 2, 3) Presented below are the financial statements of Rajesh Ltd. Rajesh Ltd. Comparative Statements of Financial Position December 31 Assets 2020 2019 £ 60,000 (29,000) £ 78,000 (24.000) Equipment Accumulated depreciation-cquipment Inventory Accounts receivable 30,000 20,000 33,000 14.000 Cash 37,000 20.000 Total £131,000 £108.000 14-46 CHAPTER 14 Statement of Cash Flows Equity and Liabilities Share capital-ordinary Retained carnings Bonds payable £ 18,000 £14,000 50,000 38,000 27,000 33,000

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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