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Question
Using the information below, complete (i) the operating cash flow section of the Statement of Cash Flows and (ii) the note to the accounts for Noosa Ltd. Your presentation must be consistent with the requirements of AASB107. Ignore tax. The balances of selected accounts of Noosa Ltd at 30 June 2022 and 30 June 2023 were ($000):
2022
2023
Cash
3250
1150
Inventory
3720
4350
Accounts receivable
3200
4530
Allowance for doubtful debts
620
490
Land
3600
Plant
2550
2980
Accumulated depreciation
510
430
Accounts payable
3500
3700
Rent payable
60
20
Salaries payable
80
30
Share capital
900
Sales (on credit)
7380
6210
Cost of goods sold
1980
2640
Doubtful debts expense
340
450
Rent expense
590
Salaries expense
730
Depreciation expense
260
170
Additional information:
net profit after tax for financial year 2023 was $1740.
reporting date is 30 June
Required:(i) Noosa Ltd's operating cash flow section extracted from the Statement of Cash Flows for year ended 30 June 2023 (Direct Method) (T-account template: ACCT3007 T-account Template.docx)
(ii) Reconciliation of net cash by operating activities to net profit
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