Question
The accounting records of JasonJohnson Company provided the data below for years ending 30 June 2022 and 30 June 2021: 2022 2021 $ $ Sales
The accounting records of JasonJohnson Company provided the data below for years ending 30 June 2022 and 30 June 2021: 2022 2021 $ $ Sales (all on credit) for the year 950,000 Cost of goods sold for the year 380,000 Discount provided to customers for early payment 3,500 Bad debts expense for the year 2,500 Depreciation expense 55,000 Net profit 509,000 30 June 2022 30 June 2021 $ $ Accounts receivable 160,000 140,000 Less: Allowance for doubtful debts 4,500 4,200 155,500 135,800 Inventory 88,360 62,200 Accounts payable 55,500 47,700 Required: a) Based on the information given, prepare the section of cash flows statement for net cash flows from operating activities for the year ended 30 June 2022 for JasonJohnson company. Show your calculations for each item included in the section of the statement. (5 marks)
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