question archive The data below are taken from the financial statements of Super Beauty Company: 2016 Income Statement: Profit Depreciation expense Amortization of copyright Gain on sale of equipment $370,050 36,000 13,000 14,600 Statement of Financial Position: 31 Dec 2016 31 Dec 2015 $134,500 205,000 230,000 70,000 350,000 32,000 Cash $587,450 Accounts receivable 340,000 Inventory 250,000 Prepaid expenses 42
The data below are taken from the financial statements of Super Beauty Company: 2016 Income Statement: Profit Depreciation expense Amortization of copyright Gain on sale of equipment $370,050 36,000 13,000 14,600 Statement of Financial Position: 31 Dec 2016 31 Dec 2015 $134,500 205,000 230,000 70,000 350,000 32,000 Cash $587,450 Accounts receivable 340,000 Inventory 250,000 Prepaid expenses 42
Subject:AccountingPrice: Bought3
The data below are taken from the financial statements of Super Beauty Company: 2016 Income Statement: Profit Depreciation expense Amortization of copyright Gain on sale of equipment $370,050 36,000 13,000 14,600 Statement of Financial Position: 31 Dec 2016 31 Dec 2015 $134,500 205,000 230,000 70,000 350,000 32,000 Cash $587,450 Accounts receivable 340,000 Inventory 250,000 Prepaid expenses 42.000 Accounts payable 375,000 Accrued expense payable 37,500 Additional Information: (1) Paid dividend of $90,000 on the ordinary shares. (2) Sold an old equipment for cash at $285,000 (3) Purchased a new equipment for cash at $320,000. Issued ordinary shares for $150,000 cash. (5) Borrowed a loan from bank for the amount of $120,000. Required: Prepare the statement of cash flows for the year ended 31 December 2016 for Super Beauty Company using the indirect method. Place parentheses around those dollar amounts representing cash outlays. (10 marks)
