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King Kong as a sole trader in his business for the past 3 years provides the following data: 2019 $540 3 150 6 600 360
King Kong as a sole trader in his business for the past 3 years provides the following data: 2019 $540 3 150 6 600 360 KING KONG Comparative Statements of Financial Position as at 30 June 2018 CURRENT ASSETS Cash Accounts receivable $4 290 Inventory 6 000 Prepaid insurance 300 NON-CURRENT ASSETS Equipment 19 200 Accum depre-equipment (6 000) Land 20 400 Motor vehicles 14 550 Accum deppre - vehicles (5 490 TOTAL ASSETS 53 250 CURRENT LIABILITIES Bank overdraft 300 Accounts payable 6 150 NON-CURRENT LIABILITIES Long-term mortgage 14 100 TOTAL LIABILITIES 20 550 NET ASSETS $32 700 EQUITY King Kong, Capital $32 700 TOTAL EQUITY $32 700 25 500 (7 500) 24 000 15 600 (6 300 61 950 7950 18 900 26 850 $35 100 $35 100 $35 100 KING KONG Income Statement for the year ended 30 June 2019 Sales $15 800 Less: Cost of sales 5 100 GROSS PROFIT 10 700 Less:Expenses (includ depre) 8 610 PROFIT $2 090 Additional information: King contributed $6000 cash as capital and made cash withdrawals during 2019. Besides, the bank overdraft was considered to be part of the entity's every-day cash management activities. Required: Use the indirect method to prepare a Statement of Cash Flows from operating activities only for King Kong's business for the year ended 30 June 2019
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