The simplified financial statements of Titanium Ltd appear below. Additional information 1. Dividends declared and paid were

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The simplified financial statements of Titanium Ltd appear below.

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Additional information 1. Dividends declared and paid were $26 400.
2. During the year equipment was sold for $10 200 cash. The equipment cost $21 600 and had a carrying amount of $10 200 at the time of sale.
3. Depreciation expense is included as a selling expense in the income statement.
4. All sales and purchases are on credit.
Required

(a) Prepare a statement of cash flows using the indirect method.

(b) Prepare a statement of cash flows using the direct method.

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Accounting

ISBN: 9780730363224

10th Edition

Authors: John Hoggett, John Medlin, Keryn Chalmers, Beattie Claire, Hellmann Andreas, Maxfield Jodie

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