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Question 2 15 Marks The financial statements for the Nitai's Nail Supplies for the past two years are presented below. NITAI'S NAIL SUPPLIES Comparative Income Statements for the year ended 30 June 2019 2020 Sales $400 000 $ 500 000 Cost of sales 350 000 458 000 GROSS PROFIT 50 000 42 000 Interest income 1 000 2 000 Loss on sale of fixtures 800 51 000 43 200 Office supplies used 10 000 11 000 Other expenses 29 000 29 000 39 000 42 000 PROFIT $_12 000 $_ 3 200 NITAI'S NAIL SUPPLIES Comparative Statements of Financial Position as at 30 June 2019 2020 ASSETS Cash at bank $ 4 400 Accounts receivable 42 000 $60 000 Inventory 80 000 40 000 Office supplies 2 000 5 000 Freehold property 60 000 80 000 Fixtures 40 000 46 000 Accumulated depreciation - fixtures (16 000) (20 200) Investments 6 000 16 000 $218 400 $226 800 LIABILITIES AND EQUITY Bank overdraft $ 4 000 Accounts payable $ 26 000 40 000 Nitai, Capital 192 400 182 800 $218 400 $226 800 Additional information (a) All purchases and sales of inventories are on credit. All purchases of office supplies are for cash. (b) The bank overdraft is considered to be part of the entity's cash management function. (c) During the year ended 30 June 2020, the owner, Nitai, withdrew $12 800 in cash for personal use. (d) The entity sold some fixtures for $1200 cash during the current year. These fixtures initially cost $4200 and had been written down to a carrying amount at the date of sale of $2000. (e) Depreciation of fixtures has been included in 'other expenses' for the year ended 30 June 2020. All remaining other expenses were paid in cash. Required a) Prepare the statement of cash flows for Nitai's Nail Supplies for the year ended 30 June 2020, using the direct method. Show relevant ledger accounts (Account receivable, inventory, account payable, office supplies, accumulated depreciation Term 2 Standard Take-Home Examination 2020 Foundations in Accounting - ACCT20071 fixtures, fixtures). (12 marks) b) Comment on the cash flow position of the entity as shown in the statement of cash flows