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PLease I need help with this question attached below with regards to Cash Flow Statement. The balance sheets of Central Limited for the years ended
PLease I need help with this question attached below with regards to Cash Flow Statement.
The balance sheets of Central Limited for the years ended 31/12/2006 and 31/12/2007 are presented below: 31/12/2007 ($000) 31/12/2006 ($000) 500 400 -200 4000 -480 300 550 -150 2500 -350 360 4580 420 3270 Liabilities Accounts Payable Accrued wages Loans Total Liabilities Net assets 800 260 730 1790 2790 600 180 460 1240 2030 Contributed equity Revaluation reserve Retained profits Shareholder equity 2000 300 490 2790 1600 250 180 2030 Assets Bank Accounts receivable Provision for doubtful debts Property Plant and Equipment Accumulated Depreciation - Property Plant and equipment Inventory Total Assets The Income Statement of Central Limited for the year ended 31/12/2007 is as follows: Sales Interest received Profit on sale of equipment (Carrying value $420,000) Expenses COGS Doubtful debts Depreciation Interest expense Wages Net profit for the year ($000) 3890 150 230 4270 2200 100 350 60 300 3010 1260 Additional Information: (i) During the year ended 31 December 2007, Central Limited issued new shares for cash considerations of $400,000 (ii) In June 2007 the company obtained a new term loan amounting to $500,000 from the (iii) ASB Bank. Dividends were paid in 2007. Required: Prepare a statement of cash flows for Central Ltd. for the year ended 31/12/2007Step by Step Solution
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