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Prepare the Cash Flow Statement for Jerome Ltd

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Reference no: EM132568236

Question - On the 1st July 2019 Jerome Ltd recorded at Cash Balance of $500000 overdraft. The following transactions were undertaken by Jerome Ltd during the financial year ended 30 June 2020. Ignore GST.

1. Paid cash dividends of $240 000.

2. Sold a long-term government bond, with a carrying amount of $160 000, for $184 000, including $15 000 accrued interest.

3. Purchased shares in MBW Ltd to be held as an investment for $400 000 cash.

4. Paid off a long-term $320 000 loan. Interest paid on this loan $18 000.

5. Received sponsorship funding $220,000

6. Received from customers 1,172,000.

7. Issued ordinary shares for cash, $800 000.

8. Paid Wages to Employees $312,000

9. Purchased factory machinery, giving $110 000 cash and signing a mortgage loan for $400 000.

10. Issued 5% debentures to secure funding of $710 000.

11. Purchased land to be held for future expansion for $850 000 cash.

12. Income Tax paid $92,000.

13. Paid to Suppliers $679,000.

Required -  Prepare the Cash Flow Statement for Jerome Ltd if the Cash Balance at the beginning was an overdraft of ($500 000). Show each of the following sections:

1. Cash flow from Operating Activities

2. Cash flow from investing activities

3. Cash flows from financing activities

4. Cash balance at end of period

Reference no: EM132568236

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