Question
the following are the Statementsof Financial Position of Yomi Limited for the years endedDecember 31, 2015and 2016.20162015AssetsGHGHGHGHLand560,000300,000Building and Equipment2,000,0001,900,0002,560,0002,200,000Accumulated Depreciation(800,000)(770,000)1,760,0001,430,000Long-Term Investments50,00025,000Current AssetsInventory300,000320,000Accounts Receivable410,000460,000Cash30,00050,000Prepaid20,000760,00015,000845,0002,570,0002,300,000Equities and LiabilitiesOrdinary
the following are the Statementsof Financial Position of Yomi Limited for the years endedDecember 31, 2015and 2016.20162015AssetsGHGHGHGHLand560,000300,000Building and Equipment2,000,0001,900,0002,560,0002,200,000Accumulated Depreciation(800,000)(770,000)1,760,0001,430,000Long-Term Investments50,00025,000Current AssetsInventory300,000320,000Accounts Receivable410,000460,000Cash30,00050,000Prepaid20,000760,00015,000845,0002,570,0002,300,000Equities and LiabilitiesOrdinary shares (GH2 par value)200,000160,000Share premium710,000550,000Retained Earnings670,000620,000Bonds500,000800,000Long-Term Note Payable150,0000Current LiabilitiesAccountable Payable300,000120,000Accrued Liabilities40,00050,0002,570,0002,300,000Additional information about 2016 transactions and events:i)Net profit for the year was GH110,000ii)Depreciation expense on buildings and equipment was GH60,000iii)Sold equipment with a cost of GH50,000 and accumulated depreciation of GH30,000 for cash of GH17,000iv)Declared and paid cash dividends of GH60,000v)Issued a GH150,000 long-term note payable for buildings equipment.vi)Purchased long-term investments for GH25,000vii)Paid GH300,000 on the bonds payable viii)Issued 20,000 shares of GH2 par value ordinary sharesfor GH200,000.ix)Purchased land for GH260,000.Required: Prepare the companys statement of cash flows for the year ended 31stDecember 2016, using the indirect method, adopting the format in IAS 7 Statement of cash flow
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