$9.99
Question 4 (15 marks) Below are the comparative statements of financial position of Soccer ltd: Soccer Ltd. Comparative Statement of Financial Position as at 30 June Yr 2016 Yr 2017 ASSETS Petty cash $200 $400 Cash at bank $24,200 $30,600 Bank bills $10,000 $12,000 Accounts receivables $102,960 $127,400 Allowance for doubtful debts -$6,960 $96,000 -$11,400 $116,000 Inventory $74,600 $70,800 Motor vehicles $42,000 $50,400 Acc. Depn. - motor vehicles -$10,000 $32,000 -$12,800 $37,600 Office furniture $16,000 $18,400 Acc. Depn. - office furniture -$7,600 $8,400 -$8,400 $10,000 Total assets $245,400 $277,400 LIABILITIES AND EQUITY Accounts payable $45,000 $47,200 Tax payable $3,200 $4,200 Share capital $165,000 $196,000 Retained earnings $32,200 $30,000 Total liabilities and equity $245,400 $277,400 Additional information: 1. Income statement details are: sales revenue $750,000, cost of sales $603,000, expenses $116,360 (excludes depreciation and carrying amount of vehicle sold), bad debt expense $14,440 and tax expense $4,200 2. A dividend was paid using the year 3. A vehicle that cost $5,600 originally was sold during the year for $3,000. The vehicle had been depreciated by $3,200 at date of sale. 4. The company pays income tax in one instalment. The single instalment of $3,200 due by 21 Oct 2016 was paid. Required Prepare a statement of cash flows for the year ended 30 June 2017 in accordance with the direct method. Provide all workings.
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