08 Jul Cash Flow
I have been given the following information and asked to prepare a cash flow statement (not sure if the direct or indirect method should be used) and an income statement:
1. salary expense: $95,000
2. interest revenue: $10,000
3. collection of interest receivable: $6,000
4. payment of salaries: $100,000
5. Credit sales: $350,000
6. Loan to another company: $45,000
7. Proceeds from sale of non-current assets: $20,000; including $2,000 loss
8. Collections from customers: $359,000
9. Cash receipt of dividends revenue on share investments: $3,000
10. Payments to suppliers: $314,000
11. Cash sales: $89,000
12. Depreciation expense: $29,000
13. Proceeds from issue of short-term debt: $38,000
14. Payment of long-term debt: $45,000
15. Interest expense and payments, $9,000
16. Loan collections, $55,000
17. Proceeds from sale of investments: $21,000 including $16,000 gain
18. Amortisation expense: $5,000
19. Purchases of inventory on credit: $297,000
20. Income tax expense and payments: $14,000
21. Cash payments to acquire non-current assets: $81,000
22. Cost of Goods Sold: $283,000
23. Bank Statements showing cash balance: 30 June 2016 $66,000, 30 June 2017 $49,000
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