The following comparative statements of financial position and income statement are for the business of Bargains Galore Pty Ltd:

Bargains Galore Pty Ltd Comparative statements of financial position as at 30 June
		2016			2017
Assets
Cash at bank		$19,000			$29,000
Accounts receivable		77,000			68,000
Inventory		52,000			61,350
Prepaid expenses		42,000			34,000
Plant and equipment		620,000			666,000
Accumulated depreciation plant and equipment		(180,000	)		(230,000	)
		$630,000			$628,350
Liabilities and equity
Accounts payable		$124,000			$87,000
Expenses payable		25,000			35,000
Current tax liability		55,000			48,000
Share capital		300,000			300,000
Retained earnings		126,000			158,350
		$630,000			$628,350

End of Chapter Exercise 18.10 The following comparative statements of financial position and income statement are for the business of Bargains Galore Pty Ltd: Bargains Galore Pty Ltd Comparative statements of financial position as at 30 June 2016 2017 Assets Cash at bank $19,000 $29,000 Accounts receivable 77,000 68,000 Inventory 52,000 61,350 Prepaid expenses 42,000 34,000 Plant and equipment 620,000 666,000 Accumulated depreciation - plant and equipment (180,000) (230,000) $630,000 $628,350 Liabilities and equity Accounts payable $124,000 $87,000 Expenses payable 25,000 35,000 Current tax liability 55,000 48,000 Share capital 300,000 300,000 Retained earnings 126,000 158,350 $630,000 $628,350 Bargains Galore Pty Ltd Income statement for year ended 30 June 2017 Income Sales revenue $815,000 Expenses Cost of sales $415,650 Wages and salaries 163,000 Depreciation plant and equipment 50,000 Other expenses 77,000 Income tax expense 41,000 746,650 Profit 68,350 Additional information a) All sales and purchases of inventory are on credit. b) Income tax is paid in one instalment during the year. c) A dividend had been paid to shareholders. d) Additional plant had been acquired for a cash outlay Prepare the statement of cash flows for the company for the year ended 30 June 2017. Use the direct method. (Show amounts that decrease cash flow using either a negative sign, e.g. -15, 000, or parentheses, e.g. (15,000).) Bargains Galore Pty Ltd Statement of cash flows for the year ended 30 June 2017 LINK TO TEXT LINK TO ISTUDY