Below is the financial statements for the yoars ended 30 June 2018 and 30 June 2017 for XY Screct XY Screct Comparative Statements of Financial Position at 30 June 2018 2017 ASSETS Cash at bank Accounts receivable Inventory 6,000 10,000 15,000 14,000 28,000 30,000 300,000 350,000 (100.000) (120,000) 20,000 Plant Accumulated depreciation - Equipment Fumiture Accurmulated depreciation- Fumiture 10,000 (4.000) (6.000) $260,000 $293.000 LIABILITIES AND EQUITY Accounts payable XY Screct - Capital 70,000 200.000 223.000 $260.000 $293,000 60,000 XY Screct Statement af Financial Performance for the year ended 30 June 2018 146,000 60.000 86,000 6.000 92.000 Sales revenue Loss: Cost of sales GROSS PROFIT Proceeds from sales of fumiture Expenses: Seling and general expenses Carrying amounts of fumiture sold Depreciation of equipment Depreciation of furniture PROFIT 30,000 4,000 20.000 4.000 SA.000 $34,000 Additional information XY Screct withdrew $21,000 for private use during the year ended 30 June 2018. Furniture which had cost $10,000 and had a canying amount of $4,000 was sold for $6,000 cash. No furmiture was purchased during the year. Required A Prepare a statement of cash flows for the your ended 30 June 2018 in accordance with the direct method.
Below is the financial statements for the yoars ended 30 June 2018 and 30 June 2017 for XY Screct XY Screct Comparative Statements of Financial Position at 30 June 2018 2017 ASSETS Cash at bank Accounts receivable Inventory 6,000 10,000 15,000 14,000 28,000 30,000 300,000 350,000 (100.000) (120,000) 20,000 Plant Accumulated depreciation - Equipment Fumiture Accurmulated depreciation- Fumiture 10,000 (4.000) (6.000) $260,000 $293.000 LIABILITIES AND EQUITY Accounts payable XY Screct - Capital 70,000 200.000 223.000 $260.000 $293,000 60,000 XY Screct Statement af Financial Performance for the year ended 30 June 2018 146,000 60.000 86,000 6.000 92.000 Sales revenue Loss: Cost of sales GROSS PROFIT Proceeds from sales of fumiture Expenses: Seling and general expenses Carrying amounts of fumiture sold Depreciation of equipment Depreciation of furniture PROFIT 30,000 4,000 20.000 4.000 SA.000 $34,000 Additional information XY Screct withdrew $21,000 for private use during the year ended 30 June 2018. Furniture which had cost $10,000 and had a canying amount of $4,000 was sold for $6,000 cash. No furmiture was purchased during the year. Required A Prepare a statement of cash flows for the your ended 30 June 2018 in accordance with the direct method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Below is the financial statements for the years ended 30 June 2018 and 30 June 2017 for XY Screct
XY Screct
Comparative Statements of Financial Position
as at 30 June
2018
2017
ASSETS
Cash at bank
6,000
15,000
10,000
14,000
30,000
28,000
300,000
350,000
(100,000) (120,000)
20,000
10,000
(6.000)
(4.000)
$260,000 $293,000
Accounts receivable
Inventory
Plant
Accumulated depreciation -Equipment
Fumiture
Accurmulated depreciation - Fumiture
LIABILITIES AND EQUITY
Accounts payable
XY Screct - Capital
70,000
200.000 223.000
$260,000 $293,000
60,000
XY Screct
Statement of Financial Performance
for the year ended 30 June 2018
Sales revenue
Less: Cost af sales
GROSS PROFIT
Proceeds from sales of fumiture
146,000
$0.000
86,000
6,000
92,000
Expenses:
Selling and general expenses
Carrying amounts of fumiture sold
Depreciation af equipment
Depreciation of furniture
PROFIT
30,000
4,000
20,000
4.000
58.000
$34.000
Additional information
XY Screct withdrew $21,000 for private use during the year ended 30 June 2018. Furniture which had
cost $10,000 and had a carnrying amount of $4,000 was sold for $6,000 cash. No fumiture was
purchased during the year.
Required
A Prepare a statement of cash flows for the yoar ended 30 June 2018 in accordance with the direct
method.
A. Prepare a note to the statement reconciling cash flows from operating activities to profit.
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