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Question 17: Statement of Cash Flows [20 Marks] Suggested Time: You should spend about 35 minutes on this section Part A Shangri-la Fiji has been a popular visit for tourists. Below are the selected financial statements of the company. Shangri-la Fiji Statement of Financial Performance as at 30 June 2020 Revenue Sales $ 180,000 Less expenses Cost of sales Beginning inventories $ 96,000 add purchases $ 112,000 less ending inventory $ 112,000 $ 96,000 Depreciation - equipment $ 14,000 Depreciation - buildings $ 4,000 Interest Expense $ 2,000 Other expenses $ 38,000 Loss on sale of land $ 8,000 Loss on sale of equipment $ 6,000 $ 168,000 Profit for the year $ 12,000 OCI $ Foreign currency translation 800 Gain on pension fund $ 20 Total Comprehensive Income $ 12,820 Shangrila Fiji Statement of Financial Position as at 30 June 2020 Assets 2020 2019 Cash at bank $ 18,000 $ Accounts Receivable $ 34,000 $ 28,000 Inventories $ 112,000 $ 96,000 Equipment $ 72,000 $ 60,000 Accumulated Depreciation - Equipment $ 30,000 $ 18,000 Land $ 40,000 $ 80,000 Buildings $ 120,000 $ 120,000 Accumulated Depreciation - Building $ 10,000 $ 6,000 Total Assets $ 356,000 $360,000 Liabilities Accounts Payable $ 52,000 $ 48,000 Bank overdraft $ $ 20,000 Equity Share Capital $ 214,000 $ 200,000 Retained Earnings $ 90,000 $ 92,000 Total Liabilities and Equity $ 356,000 $ 360,000 7 Additional information (a) On 1 July 2019, the shareholders injected a capital contribution of $14,000 cash into the business. (b) During the year, equipment costing $12,000 and written down to a carrying amount $10,000 was sold for $4,000 cash. (c) Half of the land on hand at the beginning of the year was sold for $32 000 cash. (d) During the year, dividends to shareholders were declared and paid. Required: Prepare the statement of cash flows of Shangri-la Fiji for the year ended 30 June 20 indirect method of presentation. (Do not forget that there will be indirect method operating cash flow) 8