The following information is from Clover Company for the year ended 31 December 2019. ...
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Accounting
The following information is from Clover Company for the year ended 31 December 2019.
Collection of principal on long-term loan to a supplier R35 000 Acquisition of equipment for cash R10 000 Proceeds from sale of long-term investment a book value R27 000 Issuance of ordinary shares for cash R20 000 Depreciation expense R25 000 Redemption of bonds payable at carrying value R24 000 Payment of cash dividends R9 000 Net income R35 000 Purchase of land by issuing bonds payable R40 000
In addition, the following information is available from the comparative statement of financial position as at 2018 and 2019:
2018 2019
Cash R14 000 R107 000
Accounts receivable R15 000 R20 000
Prepaid insurance R13 000 R17 000
Total current assets R42 000 R144 000
Accounts payable R19 000 R25 000
Salaries payable R7 000 R4 000
Total current liabilities R29 000 R26 000
Required:
1.1 Prepare the statement of cash flows using the indirect method.
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