3 Question 3: CASH FLOW STATEMENT (50 Marks) Selected financial statements of Jane Ltd are shown below. 2016 2017 Assets Cash at bank Accounts receivable $ 62.000 43 000 76 000 84 500 Inventory Land Buildings 124 000 113 500 62 500 25 000 137 500 265 000 Accumulated depreciation- (85 000) (100 000) buildings Plant and equipment 40 000 40 000 Accumulated depreciation- (5000) (10000) plant and equipment Total assets $ 412 000 461 000 Liabilities Accounts payable $ Interest payable Provision for employee 60 500 750 8 750 67 000 250 3 000 benefits Long-term loan 45 000 66 250 Equity Share capital 125 000 125 000 Retained earnings $ 172 000 199 500 Total liabilities and equity 412 000 461 000 50 points Save Answer JANE LTD Statement of Profit or Loss for the year ended 30 June 2017 Income Sales Less: Expenses: Cost of sales Employee expenses Interest expense Loss on the sale of land Depreciation expense - buildings Depreciation expense - plant and equipment Profit for the year Additional information (a) During the year ended 30 June 2017, cash dividends were paid to shareholders. $ 443 500 $ 283 000 98 000 5 000 6 250 15 000 5 000 412 250 $ 31 250 (b) Building extensions were paid for during the year, and a block of land, costing $37 500 was sold for $31 250 cash. (c) No plant was purchased or sold during the year. (d) Ignore income taxes. Required Prepare the statement of cash flows of Jane Ltd for the year ended 30 June 2017 based on the direct method of presentation. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac)