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Question - Rad Ltd sells vinyls and music related merchandise. For the year ended 30 June 2021, Rad Ltd recorded a Profit after tax of $32,000 after deducting from sales of $978,000 the following expenses: cost of sales $565,000, depreciation on buildings $80,000, bad debts $15,000, interest $35,000, discount allowed $3,000, other accrued expenses $200,100, and income tax $47,900.
The following additional information is available from Rad Ltd statement of financial position as at 30 June 2021:
2021
2020
Accounts Receivable
49,300
37,800
Allowance for doubtful debts
(5,000)
(3,000)
Inventory
94,200
96,600
Prepaid expenses
19,000
15,000
Deferred tax asset
12,000
14,400
Accounts payable
58,000
45,400
Provision for employee benefits
21,000
18,000
Other accrued expenses
23,500
25,000
Interest payable
40,000
20,000
Current tax liability
13,500
Deferred tax liability
22,000
20,900
Required - Calculate and prepare Cash Flows from Operating Activities (an extract from the Statement of Cash Flows) in accordance with AASB107 for the year ended 30 June 2021 Use the direct method.
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