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 2019 2020 Assets Cash at bank $15,000 $22,000 Accounts receivable 70,000 55,000 Inventory 50,000 67,000 Prepaid expenses 40,000 35,000 Plant and equipment 500,000 540,000 Accumulated depreciation - plant and equipment (150,000) (190,000) $525,000 $529,000 Liabilities and equity Accounts payable $33,000 $10,000 Expenses payable 22,000 30,000 Current tax liability 45,000 41,000 Share capital 300,000 300,000 Retained earnings 125,000 148,000 $525,000 $529,000 Bargains Galore Pty Ltd Collapse question part Income statement for year ended 30 June 2020 Income Sales revenue $800,000 Expenses Cost of sales $408,000 Wages and salaries 160,000 Depreciation plant and equipment 40,000 Other expenses 75,000 Income tax expense 40,000 723,000 Profit 77,000 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 2020. Use the direct me (40000) or parentheses, e.g. (15,000).) Bargains Galore Pty Ltd Statement of cash flows for the year ended 30 June 2020 Cash flows from operating activities Cash receipts from customers 815000 Cash paid to suppliers and employees (408000) Cash generated from operations (262000) Income taxes paid (44000) Net cash from operating activities 101000 Cash flows from investing activities Purchase of plant and equipment (40000) Net cash used in investing activities (40000) Cash flows from financing activities Dividends paid (54000) Net cash used in financing activities (54000) Net increase (decrease) in cash and cash equivalents 7000 Cash and cash equivalents at beginning of year 15000 Cash and cash equivalents at end of year 22000 Prepare the statement of cash flows for the company for the year ended 30 June 2020. Use the indirect method -15,000, or parentheses, e.g. (15,000).) Bargains Galore Pty Ltd Statement of cash flows for the year ended 30 June 2020 Inflows (Outflows)