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Prepare statement of cash flows using the direct method

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Reference no: EM132572997

Question - The cash flows shown below were extracted from the accounts of Jason Taylor, a music shop owner.

Repayment of loan $390 000

Sale of property 390 000

Interest received 1 560

Payment to employees 78 000

Receipts from customers 273 000

Expenses paid 23 400

Computer equipment purchase 23 400

GST paid 780

Payments to suppliers 156 000

Income taxes paid 3 120

Beginning cash balance 7 800

Required -

A. Prepare statement of cash flows using the direct method.

B. Outline some cash flow warning signals.

Reference no: EM132572997

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