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Problem - Below is an extract of King Ltd's comparative Statement of Financial Position as at 30 June 2016 and a Statement of Profit or Loss for the period ending 30 June 2016 below:
Extract Statement of Financial Position as at 30 June 2016
2016 $
2015 $
Accounts receivable
120,000
77,000
Inventory
150,000
80,000
Deferred tax asset
12,000
13,500
Accounts payable
60,000
Current tax liability
17,000
7,500
Deferred tax liability
25,000
21,000
Statement of Profit or Loss for period ending 30 June 2016
Income:
$
Sales revenue
485,000
Rent revenue
14,000
Discount received
1,000
500,000
Expenses:
Cost of sales
365,000
Discount allowed
1,500
Bad debts
4,500
Salaries and wages
39,000
Loss on sale of equipment
5,000
Depreciation - equipment
10,000
Depreciation - buildings
30,000
(455,000)
Profit before tax
45,000
Income tax expense
(17,000)
Profit after tax
$28,000
Additional information:
Land was revalued upwards by $8,000 during the year. The company tax rate is 30%.
Required: Using the DIRECT METHOD, prepare the cash flows from operating activities section of the cash flow statement for the year ended 30 June 2016.
The gross pay and deductions for payroll to the general ledger
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