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