cht 2 SU nch of us ASSIGNMENT 2: STATEMENT OF CASH FLOWS INTERMEDIATE ACCOUNTING I (ACC310) SEMESTER 1, 2021-2022 Selected financial statement information and additional data for Johnston Enterprises is presented below. Johnston Enterprises Statement of Financial Position as at May 31, May 31, 2021 2020 Property, Plant, and Equipment HK$1,156,000 HKS 1.045,500 Less: Accumulated Depreciation (476.000) (442.000) 680.000 603.500 Current Assets: Inventory 391,000 340,000 Accounts Receivable 238,000 306,000 Cash 153.000 119.000 Total Current Assets 782.000 765.000 Total Assets HK$1.462.000 HKSL.368.500 Equity: Share Capital-Ordinary HKS 510,000 467,500 Retained Earnings 374.000 340,000 Total Equity 884.000 807.500 Non-Current Liabilities: Bonds Payable 340.000 391.000 HKS 51.000 Current Liabilities: Accounts Payable 187,000 102,000 Notes Payable 68.000 Total Current Liabilities 238.000 170,000 Total Liabilities 578.000 561.000 Total Liabilities & Equity HKS1.462.000 HK$1.368.500 Johnston Enternrises Current Liabilities: Accounts Payable 187,000 102.000 Notes Payable 51.000 68.000 Total Current Liabilities 238.000 170.000 Total Liabilities 578.000 561.000 Total Liabilities & Equity HK$1.462.000 HK$1,368.500 Johnston Enterprises Income Statement for the Year Ended May 31, 2021 Sales Revenue HKS1,615,000 Less Cost of Goods Sold 731.000 Gross Profit 884,000 Expenses: Depreciation Expense 34.000 Salaries and Wages Expense 391,000 Interest Expense 34.000 Loss on Sale of Equipment 17.000 Income Before Taxes 408,000 Less Income Tax Expense 110.500 Net Income HKS 297.500 Additional Information: During the year, Johnston sold equipment with an original cost of HK$153,000 and accumulated depreciation of HK$119,000 and purchased new equipment for HKS272,000. Payment of dividends was HK$136,000. REQUIRED: Prepare a statement of cash flows for the year ending May 31, 2021