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Question - The financial statements of Toowoomba Carpets are given below:
Toowoomba Carpets Comparative Balance Sheet as at 31 December 2021
2021
2020
Assets
Cash
60,000
32,500
Accounts Receivable
50,000
35,000
Inventory
95,000
87,500
Properties, Plant and Equipment
175,000
195,000
Accumulated Depreciation
-75,000
-60,000
Total
305,000
290,000
Liabilities and Shareholder's Equity
Accounts Payable
65,000
82,500
Income Tax Payable
37,500
Notes Payable
25,000
Share Capital
62,500
Retained Earnings
90,000
70,000
Toowoomba Carpets Income Statement for the year ended 31 December 2021
$ $
Sales
600,000
Less: Cost of Sales
450,000
Gross Profit
150,000
Less: Operating Expenses
Selling and Distribution Expense
Administrative Expense
85,000
Net Operating Income
Interest Expense
5,000
Income before tax
Less: Income tax
17,500
Net Income
42,500
Additional Information:
(a) During the year plant and equipment was sold for $ 25,000 cash. The original cost of the asset was $37,500 and had a book value $25,000 at time of sale.
(b) Dividend for $22,500 was declared and paid.
(c) Depreciation expense during the year was $27,500.
(d) Additional equipment was purchased for $17,500.
Required - Prepare a statement of cash flow for the year ended 31 December 2021, under the indirect method.
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