Here is a statement of financial position for Milford Sound Cruise Boats Pty Ltd.

 

Additional information:

1. Profit for 2022 was $176 400. Total expenses were $1 466 640 and included cost of sales expense $887 040, interest paid $25 200, and tax expense $75 600.

2. Cash dividends of $72 240 were declared and paid.

3. Notes payable amounting to $84 000 were redeemed for cash $84 000.

4. Ordinary shares were issued for $84 000 cash.

5. Sales for 2022 were $1 643 040.

6. Land was sold at cost.

Required

(a) Prepare a statement of cash flows for 2022 using the direct method.

 

Transcribed Image Text:

ASSETS Cash Accounts receivable Inventories Land Equipment Accumulated depreciation Total assets LIABILITIES AND EQUITY Accounts payable Notes payable (long term) Share capital Retained earnings Total liabilities and equity MILFORD SOUND CRUISE BOATS PTY LTD Statement of financial position as at 30 June 2022 2022 $100 800 142 800 302 400 126 000 436 800 (110 880) $997 920 $57 120 252 000 359 520 329 280 $997 920 2021 $36960 127 680 317 520 168 000 336 000 (70 560) $915600 $ 78 960 336 000 275 520 225 120 $915600 ASSETS Cash Accounts receivable Inventories Land Equipment Accumulated depreciation Total assets LIABILITIES AND EQUITY Accounts payable Notes payable (long term) Share capital Retained earnings Total liabilities and equity MILFORD SOUND CRUISE BOATS PTY LTD Statement of financial position as at 30 June 2022 2022 $100 800 142 800 302 400 126 000 436 800 (110 880) $997 920 $57 120 252 000 359 520 329 280 $997 920 2021 $36960 127 680 317 520 168 000 336 000 (70 560) $915600 $ 78 960 336 000 275 520 225 120 $915600

Answer rating: 100% (QA)

Profit Loss Ac 17640000 Add Depreciation 4032000 Less Tax Expenses 7560000 Op... View the full answer