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Peebody Enterprises Ltd's statement of profit or loss contained the condensed information below. PEEBODY ENTERPRISES LTD Statement of profit or loss for the year ended 30 June 2018 Revenues $1 176 000 Operating expenses, excluding depreciation $873 600 Depreciation expense 84 000 Loss on sale of equipment 36 400 994 000 Profit before income tax 182 000 Income tax expense 56 000 Profit $ 126 000. Peebody Enterprises Ltd's statement of financial position contained the following comparative data. 2018 2017 Accounts receivable $65 800 $79 800 Accounts payable 57 400 46 200 Income tax payable 5 600 14 000 Accounts payable pertain to operating expenses.
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Question (a) Prepare the operating activities section of the statement of cash flows using the direct method.
Question (b) Prepare the operating activities section of the statement of cash flows using the indirect method, i.e. prepare reconciliation of profit to cash provided by operations.
Fielder co obtained land by issuing 2,000 shares of its 10 par value common stock. The land recently appraised at 85,000 the common stock is actively traded at 40 dollars per share. Prepare journal entries to record acquisition of the land.
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