The financial statements for Tiger Limited for the financial years ending 30 June 2018 and 2017 are presented below:

Tiger Ltd

Balance sheet as at 30 june

2018 2017

Assets

Cash 25,000 10,000

Accounts Receivable 90,000 60,000

Inventory 160,000 100,000

Prepaid Expenses 10,000 20,000

Land 100,000 -

Machinery 130,000 145,000

Accumulated Depreciation(35,000) (35,000)

Total Assets 480,000 300,000

Liabilities and Equity

Accounts Payable 48,000 20,000

Tax Payable 22,000 30,000

Long-Term Loan 140000 -

Share Capital 200,000 200,000

Retained Earnings 70,000 50,000

Total Liabilities and Equity

Tiger Ltd

Income Statement

for the year ending 30 June 2018

Sales

200,000

Cost of sales

(70,000)

Gross profit

130,000

Other Gain on sale machinery

10,000

140,000

Distribution expenses

(30,000)

Administrative expenses

(40,000)

other operating expense

(10,000)

Total expenses

(80,000)

Net profit before tax

60,000

Tax expense

(20,000)

Net profit after tax

40,000

Additional Information:

The depreciation expense for the year is $35,000, which has been included in the administrative expenses on the Income Statement.

Machinery costing $50,000 was sold during the year making a gain on sale of $10,000.New machinery was purchased during the year for cash.

Required:

Prepare Statement of Cash Flows using the direct method for Tiger Mart Ltd at 30 June 2018.The reconciliation of profit to cash (indirect method) is NOT required.