The following information is for Chamomile Ltd. for the year ended June 30, 2024. Additional information: 1.

Question:

The following information is for Chamomile Ltd. for the year ended June 30, 2024.

Additional information:

1. Land was sold at cost and none was purchased during the year.

2. In January, Chamomile sold for cash equipment that had an original cost of $27,000 and a net carrying amount of $13,000.

Required

a. Using the information above, prepare the statement of cash flows for Chamomile Ltd. for the year ended June 30, 2024, using the indirect method.

b. Determine the cash flows from operating activities using the direct method.

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Understanding Financial Accounting

ISBN: 9781119715474

3rd Canadian Edition

Authors: Christopher D. Burnley

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Question Posted: Jan 24, 2023 03:38 AM

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The following information is for Chamomile Ltd. for the year ended June 30, 2024. Additional information: 1.

Question:

Assets Current assets: Cash Accounts receivable Inventory Total current assets CHAMOMILE LTD. Statement of Financial Position As at June 30 2024 $ 65,000 96,800 84,500 246,300 2023 $ 45,000 65,000 100,500 210,500

Step by Step Answer:

a b If Direct Method is used CAMOMILE LTD Statement of Cash Flows Indirect Method For ...View the full answer

Understanding Financial Accounting

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