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hi , can you pls help me with this question pls see attachment thanks ACCY200 Financial Accounting IIA Spring 2017 Special Question 8 (due in
hi , can you pls help me with this question
pls see attachment
thanks
ACCY200 Financial Accounting IIA Spring 2017 Special Question 8 (due in week 12 tutorial) The following information is available for Radio Ltd as at 30 June 2016: Statement of Profit & Loss for the year ended 30 June 2016 $ $ Income Sales 1,397,300 Dividend revenue 5,000 1,402,300 Expenses Cost of sales 933,000 Loss on sale of machinery 2,000 Bad debts expense 2,800 Depreciation on machinery 10,500 Employee expenses 410,000 Insurance expense 8,950 Interest expense 18,400 (1,385,650) Profit before tax 16,650 Income tax expense (6,650) Profit after tax $10,000 Extract from the Statement of Financial Position As at 30 June 2016 Assets 2016 2015 $ $ Accounts Receivable 24,650 18,900 Allowance for doubtful debts (2,500) (1,900) Inventory 47,100 48,300 Prepaid insurance 9,500 7,500 Deferred tax asset 7,200 6,100 Extract from the Statement of Financial Position As at 30 June 2016 Liabilities Accounts payable 56,250 46,280 Provision for employee benefits 10,500 9,500 Interest payable 20,000 19,000 Current tax liability 6,750 7,500 Deferred tax liability 11,500 10,000 Required: Using the direct method, prepare the Cash Flows from Operating Activities section of the statement of cash flows in accordance with AASB107 for the year ended 30 June 2016. SHOW ALL WORKING OUTStep by Step Solution
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