Reference no: EM132224444
Question - On the Go Pty Ltd is a small proprietary limited company that sells caffeine-based beverages.
The opening bank balance on 1 January 2017 was $45,000. The following is a summary of business transactions for the year ending 31 December 2017'.
Receipts from customers $450,000
Payments for inventory 285,000
Loan Proceeds 35,000
Payments for wages 158,000
Cash purchase of equipment 100,000
Dividends declared 60,000
Dividends paid 26,000
Payment of interest 8,000
Profit on the sale of equipment 65,000
Depreciation of equipment 25,000
Interest received 10,000
Income taxes paid 15,500
Cash proceeds from sale of old equipment 21,000
Cash Equity injection 85,000
Required: Prepare a statement of cash flows as at 31 December 2017.