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Question 2 Using the information below, complete (1) the operating cash flow section of the Statement of Cash Flows (4 marks) and (ii) the note
Question 2 Using the information below, complete (1) the operating cash flow section of the Statement of Cash Flows (4 marks) and (ii) the note to the accounts for Hills Ltd. Your presentation must be consistent with the requirements of AASB107 (4 marks) The balances of selected accounts of Hills Ltd at 30 June 2019 and 30 June 2020 were (5000): 2020 6,500 3,640 450 360 520 180 Sales (all on credit) Cost of goods sold Doubtful debts expense Interest expense Salaries Depreciation Cash Inventory Accounts receivable Allowance for doubtful debts Land Plant Accumulated depreciation Bank overdraft Accounts payable Interest payable Long-term loan Share capital 2019 6,100 1.980 340 480 650 270 2,100 2.880 4,200 630 2,700 1,620 665 3,240 4,800 480 2,700 1.800 420 405 3,600 3,400 40 1,260 400 400 Additional information: Salaries were paid in cash during the year ending 30 June 2020, Reporting date is 30 June Additional information: Salaries were paid in cash during the year ending 30 June 2020. Reporting date is 30 June Required: Hills Ltd's operating cash flow section extracted from the Statement of Cash Flows for year ended 30 June 2020 (4 marks) (11) Reconciliation of net cash by operating activities to net profit (4 marks)
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