Solution-Make the Statement of Cash Flows

Make the Statement of Cash Flows

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Reference no: EM132615980

Question - The balances of selected accounts of Lane Ltd at 30 June 2018 and 30 June 2019 are:

2019 2018

$000 $000

Sales (all on credit) 2,600 3,600

Cost of goods sold 1400 1160

Doubtful debts expense 125 190

Interest expense 85 100

Salaries 440 670

Depreciation 100 160

Gain on sale of plant 20 70

Cash - 275

Inventory 1890 1680

Accounts receivable 2800 2625

Allowance for doubtful debts 280 370

Land 1900 1900

Plant 1200 950

Accumulated depreciation 245 315

Bank overdraft 150 -

Accounts payable 2100 1900

Accrued interest 20 30

Long-term loan 1220 1330

Share capital 400 400

Additional information:

(a) Dividends of $180 000 were paid during the year ending 30 June 2019.

(b) Plant with a carrying amount of $30 000 (original cost $200 000 and accumulated depreciation $170 000) was sold during the year ending 30 June 2019 and new plant was acquired.

Required - Make the Statement of Cash Flows and all supporting notes for the year ending 30 June 2019?

Reference no: EM132615980

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Make the Statement of Cash Flows

Reference no: EM132615980

Reference no: EM132615980

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