Hi, I can not figure this out, I am having great difficulty and need help please, Thankyou

QUESTION: Cash Flow Statement

Ohm Improvements Pty Ltd is a local electrical business, owned and operated by Meg Watts.

Meg has provided you with the following financial information to assist with the preparation of a Cash Flow Statement.

OHM IMPROVEMENTS PTY LTD

COMPARATIVE BALANCE SHEETS

AS AT 30 JUNE

ASSETS

Current Assets

2021 2020

Cash on Hand 12,250 4,200

Cash at Bank 37,450 16,100

Accounts Receivable (net) 20,300 17,150

Inventory 108,500 115,500

Prepaid Expenses 12,250 190,750 11,550 164,500

Non-Current Assets

Plant & Equipment 311,500 266,000

less Acc. Depreciation (159,600) 151,900 (142,800) 123,200

Land 45,500 80,500

Total Assets 388,150 368,200

Current Liabilities

Bank Overdraft 7,000 0

Accounts Payable 22,400 26,250

Expenses Payable 7,350 10,850

Tax Payable 14,700 51,450 19,600 56,700

Non-Current Liabilities

Loan 10,500 0

Total Liabilities 61,950 56,700

Net Assets 326,200 311,500

Shareholders' Equity

Share Capital 154,000 147,000

Retained Earnings 172,200 164,500

326,200 311,500

OHM IMPROVEMENTS PTY LTD

INCOME STATEMENT

FOR THE YEAR ENDED 30 JUNE 2021

Net Sales 696,500

Cost of Sales 455,000

less: Discount Received (1,750) 453,250

Gross Profit 243,250

Other Revenue

Gain on sale of land 21,000

Interest Revenue 2,100 23,100

266,350

Expenses:

Selling & Admin Expense 135,450

Doubtful Debts Expense 3,150

Depreciation Expense 16,800

Interest Expense 4,200 _159,600

Profit before tax 106,750

Income tax expense 33,075

Profit 73,675

Additional Information

Land with an historic cost of $35,000, was sold for $56,000 cash making the company an accounting profit (gain) of $21,000.

REQUIRED:

1.Complete the Statement of Cash Flows in the template provided on the following page. You must show all calculations (answers without supporting calculations will receive zero marks).

2.Meg thinks you have done a terrible job with her Cash Flow Statement and cannot understand why her profit was so much higher than her increase in cash. Explain to Meg at least two of the factors that may be causing this apparent discrepancy.

(answer this question in the section provided after the Cash Flow Statement template)

OHM IMPROVEMENTS PTY LTD

CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 JUNE 2021

$ $

Cash Flows from Operating Activities

Receipts from customers

Payments to suppliers & employees

Cash generated by operations

Interest received

Interest paid

Income tax paid

Cash Flows from Investing Activities

Proceeds from sale of land

Payment for plant & equipment

Cash Flows from Financing Activities

Proceeds from loan

Proceeds from share issue

Dividends

Net increase / decrease in cash held

Cash at the beginning of the year

Cash at the end of the year

ALL WORKINGS MUST BE PROVIDED