Financial statement data for Kanga Holdings Ltd. for 2024 follow. Additional information: 1. Equipment that cost $105,000
Question:
Financial statement data for Kanga Holdings Ltd. for 2024 follow.
Additional information:
1. Equipment that cost $105,000 was sold for $95,000.
2. Dividends were declared and paid during the year.
Required
a. Prepare a statement of cash flows for Kanga Holdings Ltd. for the year ended September 30, 2024. Include supplementary information to disclose the amounts paid for interest and income taxes using the indirect method.
b. Determine the cash flows from operating activities using the direct method.
Transcribed Image Text:
Assets Cash Accounts receivable Prepaid insurance Inventory Total current assets Property, plant, and equipment Accumulated depreciation Net capital assets Total assets KANGA HOLDINGS LTD. Comparative Statement of Financial Position Sept. 30, 2024 Liabilities and shareholders' equity Accounts payable Deferred revenue Wages payable Income tax payable Total current liabilities Bonds payable Total liabilities Common shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $ 230,000 300,000 30,000 380,000 940,000 725,000 (215,000) 510,000 $1,450,000 $ 45,000 30,000 20,000 25,000 120,000 450,000 570,000 400,000 480,000 880,000 $1,450,000 Sept. 30, 2023 $ 215,000 125,000 40,000 450,000 830,000 600,000 (170,000) 430,000 $1,260,000 $ 65,000 45,000 5,000 20,000 135,000 500,000 635,000 325,000 300,000 625,000 $1,260,000
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Related Book For
Understanding Financial Accounting
ISBN: 9781119715474
3rd Canadian Edition
Authors: Christopher D. Burnley
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