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Please answer the following question as soon as possible thank you. QUESTION-2 The comparative statement of financial position of XYZ Corporation at June30, 2012 and
Please answer the following question as soon as possible thank you.
QUESTION-2 The comparative statement of financial position of XYZ Corporation at June30, 2012 and 2013 appears as under. ASSETS JUNE 2013 JUNE 2012 Cash 17,400 28,400 Trade receivables 21,600 33,200 Merchandise Inventory 99,100 104,000 Prepaid Expenses 2,800 2,960 Plant Assets 216,000 170,000 Accumulated Depreciation (64,000) (94,000) 292,000 244,560 EQUITIES AND LIABILITIES JUNE 2013 JUNE 2012 Accounts Payable 46,900 22,280 Long term Loan 50,000 Share Capital (Shares of Rs.10 each) 210,000 140,000 Retained Earnings 50,000 32,280 Discount on issue of shares (14,000) 292,900 244,560 Additional Information a. Net profit for the year before tax $ 30,320 b. Depreciation for the year 10,000 c. Interim Dividend 12,600 d. An Addition to building was made during the year at cost of 86,000 e. Fully depreciated equipment discarded with no salvage value, original cost 40,000 f. During the year further shares were issued for cash: No. of shares issued 7,000 Issue price $8 each Required: Statement of cash flows for the year 2013 under the indirect method Step by Step Solution
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