These are the financial statements of Metro Meats Ltd: The following additional data were provided: 1. The
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Question:
These are the financial statements of Metro Meats Ltd:
The following additional data were provided:
1. The entity paid an interim dividend of $2 000 and declared a final dividend.
2. During the year equipment was sold for $8 500 cash. This equipment cost $18 000 originally and had a carrying amount of $8 500 at the time of sale.
3. All depreciation expense is in the selling expense category.
4. All operating expenses except for depreciation were paid in cash.
Required:
Prepare a statement of cash flows using the direct method.
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