Subject Coordinator's Question (Spring 2014 Final Exam Question) The following information is available for Abbe Ltd as at 30 June 2014: 2014 2013 Assets $ $ Cash at bank 23,600 20,200 Bank bills (due 31 July) 5,000 30,000 Accounts Receivable 49,300 37,800 Allowance for doubtful debts (5,000) (3,800) Inventory 94,200 96,600 Prepaid insurance 19,000 15,000 Deferred tax asset 14,400 12,200 Equipment (cost) 360,000 240,000 Accumulated depreciation - equipment (95,000) (94,000) Land 1,700,000 1,600,000 Total 2,165,500 1,954,000 Liabilities & Equity Bank overdraft 9,000 4,440 Accounts payable 112,500 92,560 Accrued expenses 21,000 19,000 Interest payable 40,000 38,000 Current tax liability 13,500 15,000 Final dividend payable 42,000 38,000 Mortgage loan 315,000 150,000 Deferred tax liability 23,000 20,000 Share Capital 1,455,000 1,405,000 Retained earnings 134,500 172,000 Total 2,165,500 1,954,000 Additional information: Equipment with a carrying amount of $40,000 was sold for cash at a loss of $5,000. Land was purchased for cash. The bank overdraft is repayable on demand. An interim dividend was paid in cash during the year. Profit after tax of $9 000 included the following: Sales $2,794,600; Loss on sale of equipment $5,000; Cost sales $1,866,000; Bad debts expense $5,600; Depreciation on equipment $21,000; Interest expense $36,800; Insurance expense $17,900; other accrued expenses $820,000; Income tax expense $13,300. Required: Prepare a complete statement of cash flows in accordance with AASB107 for the year ended 30 June 2014 (use the direct method when presenting cash flows from operating activities). +