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The accounting records of JasonJohnson Company provided the data below for years ending 30 June...

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Question

Accounting

The accounting records of JasonJohnson Company provided the data below for years ending 30 June 2022 and 30 June 2021:

2022

2021

$

$

Sales (all on credit) for the year

950,000

Cost of goods sold for the year

380,000

Discount provided to customers for early payment

3,500

Bad debts expense for the year

2,500

Depreciation expense

55,000

Net profit

509,000

30 June 2022

30 June 2021

$

$

Accounts receivable

160,000

140,000

Less: Allowance for doubtful debts

4,500

4,200

155,500

135,800

Inventory

88,360

62,200

Accounts payable

55,500

47,700

Required:

Prepare a reconciliation of net profit to net cash flows from operating activities.

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