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In: Accounting

Using the information below, Complete the Cash Flow Statement for Jenna Jam’s on 31 December 2019....

Using the information below, Complete the Cash Flow Statement for Jenna Jam’s on 31 December 2019. Cash 01/01/2019 272,000 Cash 31/12/2019 ???? Depreciation on Motor Vehicle 9,000 Owner investment 90,000 Interest on Loan Payable 4,700 Payment for purchase of Motor Vehicle 21,800 Collections from customers 283,000 Owner withdrawals 91,000 Payment of wages 121,000 Cash received for sale of Land 580,000 Payment to suppliers 345,000

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Solution:
Statement of Cash Flows - Direct Method
© www.excel-skills.com Amount
Cash flows from operating activities
Cash Receipts:
Collection from Customers $      2,83,000
Cash Payments:
Paymet to Suppliers $    -3,45,000
Interest on Loan Payable $         -4,700
Payment of Wages $    -1,21,000
Net cash from operating activities $ -1,87,700
Cash flows from investing activities
Purchase of Motor Vehicles $       -21,800
Cash Received from Sale of Land $      5,80,000
Net cash used in investing activities $   5,58,200
Cash flows from financing activities
Owner Withdrawals $       -91,000
Owner investment $         90,000
Net cash used in financing activities $       -1,000
Net increase in cash and cash equivalents $   3,69,500
Cash and cash equivalents at beginning of period $   2,72,000
Cash and cash equivalents at end of period $   6,41,500

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