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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
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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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
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