Make-up) 100N QUESTION 3 (16 Marks) LOI, LO2, LO3 Johnson Co has net income of BD900,000 for the year ended 31 December 2020 The comparative statement of financial position shows the following entries 2020 2019 Inventories 590,000 780,000 Trade and other receivables 1,020,000 580,000 Trade and other payables 450,000 800,000 During the year, the company entered into the following transactions: Johnson Co sold equipment costing BD80,000 with accumulated depreciation of BD10,000 for BD28,900 cash, yielding a loss of BD41,100. Johnson Co purchased furniture for BD15,000. Johnson Co incurred annual depreciation expense of BD30,000. The business owner, Amina, withdrew BD4,000 for personal use. Required: Prepare an extract from the statement of cash flows for the year ended 31 December 2020 showing the Net Cash from Operating Activities QUESTION 4 (12 Marks) LO1 Presented below are characteristics, assumptions, concepts, principles that relate to financial accounting and reporting: a. Relevance b. Comparability C. Faithful representation d. Going concern e Timeliness f. Understandability 9. Accrual accounting h. Prudence Required: Identify the term that is described below by matching (by letter) each item above with the appropriate description. 1. --- Having information that reflects economic substance rather than legal form in a manner that is complete, neutral and free from error. 2. - Exercising caution, particularly with areas where judgment on estimation is required. L FC