The following information relates to Tut Ltd. Additional information (dollar amounts expressed in full units): 1. Land

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The following information relates to Tut Ltd.

Current assets Cash TUT LTD COMPARATIVE BALANCE SHEET AS AT 30 JUNE 2016 Accounts receivable Inventory

Current liabilities Bank overdraft Accounts payable Income tax payable Final dividend payable Noncurrent

Additional information (dollar amounts expressed in full units):
1. Land was revalued upwards during the year by $80 000.
2. Motor vehicles with an original cost of $145 000 and accumulated depreciation of $65000 were sold for $55 000.
3. Equipment to the value of $60 000 was acquired with the issue of a long-term note. The amount payable has been included in borrowings on the balance sheet.
Prepare a statement of cash flows for Tut Ltd for the year ended 30 June 2016. Also prepare a reconciliation of cash from operating activities to net profit.

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Related Book For  book-img-for-question

Financial Accounting An Integrated Approach

ISBN: 9780170349680

6th Edition

Authors: Ken Trotman, Michael Gibbins, Elizabeth Carson

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