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could i please have some help with this question QUESTION 1: Statement of cash flows Comparative information as at 30 june 2023 and 30 June
could i please have some help with this question
QUESTION 1: Statement of cash flows Comparative information as at 30 june 2023 and 30 June 2024 for Declare Ltd is as follows. DECLARE LTD Comparative statements of financial position as at 30 June Assets Cash at bank Accounts receivable Inventory Land 62,000 76,000 124,000 62.500 43,000 $4,500 113,500 25,000 Buildings 137,500 265,000 Accumulated depreciation - buildings (85.000) (100,000) Plant and equipment 40,000 40,000 Accumulated depreciation-plant and equipment (5.000) (10.000) 412.000 461.000 Liabilities and equity 00,500 67,000 Accounts payable Interest payable 750 250 3,000 8,750 45,000 66,250 Other expenses payable Mortgage loan payable Share capital Retained earnings 125,000 125,000 172.000 199.000 412.000 Additional information 1. Gross profit for the year ended 30 June 2024 was $160,500 and consisted of the following. Sales Cost of sales 443,500 283,000 2. Purchases of inventory for the year were $272,500. 3. All purchases and sales of inventories were on credit. 4. Profit for the year ended 30 June 2024 was $31,250, after deducting expenses of $129,250 from the gross profit figure. 5. Expenses of $129,250 include depreciation on buildings, and on plant and equipment, a loss on sale of land, and $5,000 in interest expense. 6. During the year ended 30 June 2024, cash dividends were paid. 7. Building extensions were paid for during the year, and a block of land, costing $37,500, was sold for $31,250 cash. 8. No plant was purchased or sold during the year. Required (a) Prepare the Statement of Cash Flows for Declare Ltd for the year ended 30 June 2024 using the direct method. (b) Complete T-accounts to show your workings for preparing the Statement of Cash Flows for Declare Ltd. 2023 2024 Step by Step Solution
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