Reference no: EM133018986
Question - During 2019, Minh Corporation had a net income of $144,000. Ordinary share capital was $200,000 at 1 January 2019 (200,000 shares at $1 par value)
Included on its income statement were depreciation expense of $16,000, amortization expense of $1,800 and impairment loss of $200.
During the year, Accounts Receivable decreased by $8,200, Inventories increased by $5,400, Prepaid Expenses decreased by $1,000, Accounts Payable decreased by $14,000, and Accrued Liabilities decreased by $1,700.
10% loan was received on 1 March 2019 ($10,000), monthly interest is to paid each first date of the next month.
PPE were bought for $5,000, a half of that amount was bought on credit.
PPE was sold for $600 (cost was $1,000, accumulated depreciation was $700).
Share capital was issued during the year (01 March 1/10 bonus issue was made, 01 November - 30,000 shares were sold for $1,3 each).
Dividends were paid for $700 and declared for $1500.
Use the indirect method to determine net cash flows from operating, investing and financing activities.
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How much of these expenses can janet deduct
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Prepare the journal entries to record overhead incurred
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Determine net cash flows from operating activities
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