prepare the statement of cash flows for Jet's Ski equipment for the year ended 30 june 2017, using the direct method. you must show all workings.

What information is required?

Question 3 (20 Marks) The financial statements for the business of let's Secretare shown below JET'S SKI EQUIPMENT Comparative Statement of Financial Position as ar 30 Jun 2017 2016 2017 ASSES Cash or bank Accounts recevable Inventory Store equipment Accumulated depreciation-store equipment land Buildings Accumulated depreciation buildings $47.000 144.000 90.000 (27.00 120.000 180.00 2 5 $1,000 12.000 low.000 136,000) 60.000 180,000 (15.000) 5516 3554. LIABILITIES AND EQUITY Accounts payable Bankoverdraft Salary pryable Share Capital Retained Earnings $72.000 30.000 14.000 200.000 2 $ 55.000 00 11.000 200.000 241.62 35/60 354 JETS SKY EQUIPMENT Income Statement Mariar ended 30 Jun 2017 INCOME Sales new EXPENSES Cost of sales SHO Depreciation-store equipment 21 000 Depreciation building 600 Other expenses 60 000 Las on sale of land 12 000 Loss on sale of equipment PRONIT 2220 SIRO Additional information (a) All purchases and sales of inventories are on credit (b) During the year, more equipment casting SI8.000 was sold for $6,000 cash (o Half the land on hand at the beginning of the year was sold for S48.000 cash (d) During the year, the company paid $10,000 and to shareholders (0) Ignore las Page 11 of 22 Question 3 (continued) Required Prepare the statement of cash flows for Jet's Ski Equipment for the year ended 30 June 2017, using the direct method. You must show all working. (20 marks) Statement of cash flows (answer sheet) Page 12 of 22 Question 3 (20 Marks) 2017 The financial statements for the business of Jer's St Equipment are shown below. JET'S SKI EQUIPMENT Comparative Statements of Financial Position ay or 30 2017 2016 ASSETS Cash or bank Accounts receivable S 47.000 Inventory 144.000 Store equipment 90,000 Accumulated depreciation-store equipment (27.000) Land 120.000 Buildings 180.000 Accumulated depreciation buildings $55.00 $ 51.000 168,000 JOK 000 (36.000) 60.000 780,000 (15.000) $976.0 LIABILITIES AND EQUITY Accounts payable Bank overdraft Salary payable Share Capital Retoined Earning $ 72.000 30,000 14,000 200,000 238.000 5554.000 $ 55,000 9000 11.000 2011.000 241.00 SSLAND 5270 000 JET'S SAT EQUIPMENT Income Statement for your ended 30 June 2017 INCOME Sales we EXPENSES Cowl of sales SI 44000 27 000 Depreciation-store equipment Depreciation - building 6 000 Other expenses 60 000 12000 Loss on sale of land Loss or sale of equipment 9.000 PROFIT 752000 SIA Additional information (a) All purchases and sales of inventories are one credit (b) During the year, store equipment costing S78,000 was sold for $6,000 cash. (e) Hall the land on hund at the beginning of the year was sold for $48,000 cash. (d) During the pow, the company paid $10,000 a vidends to shareholders fe) more for Page 11 of 22