Question

In: Accounting

GIO Lawyers have generated the following data from the company’s accounting records for the year ended...

GIO Lawyers have generated the following data from the company’s accounting records for the year ended 30 June 2020:

a. Purchase of non-current assets, $68 450

b. Cash receipt from issue of bills payable, $54,285

c. Payments to bills payable, $49 000.

d. Cash receipt from sale of non-current assets, $31 300.

e. Cash receipt of dividends $5 320

f. Payments of salaries $405 200.

g. Interest expense and payments, $17 000.

h. Payments of office supplies, $67 000.

i. Income tax expense and payments, $49 000.

j. Depreciation expense, $59 900.

k. Collection from customers $732 880.

l. Payment of cash dividends, $65 500.

m. Cash receipt from issue of ordinary shares, $75 000.

n. Cash balance 30 June 2019, $50 000

Requirement: Prepare TRP’s cash flow statement for the year ended 30 June 2020. Use the direct method for cash flows from operating assets.

Solutions

Expert Solution

Answer-

TRP'S
STATEMENT OF CASH FLOWS (USING DIRECT METHOD)
FOR THE YEAR ENDED JUNE 30,2020
Particulars Amount
$
Cash flow from operating activities
Collection from customers 732880
Income tax expense and payments -49000
Payments of office supplies -67000
Interest expense and payments -17000
Cash payments of salaries -405200
Net cash flow from operating activities (a) 194680
Cash Flow from Investing activities
Purchase of non-current assets -68450
Cash receipts from sale of non-current assets 31300
Cash receipts of dividends 5320
Net cash Flow from Investing activities (b) -31830
Cash Flow from Financing activities
Cash receipts from issue of bills payable 54285
Payments to bills payble -49000
Payments of cash dividends -65500
Cash receipts from issue of ordinary shares 75000
Net cash Flow from Financing activities (c) 14785
Net Change in cash c=a+b+c 177635
Beginning cash balance 50000
Closing cash balance 227635

ekkarill92 answered 1 year ago
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