These are the financial statements for Simpsons LtdBalance Sheetas at 31 December 2022 Assets20222021Cash29,00015,000Accounts receivable28,00014,000Inventory25,00035,000Property,...
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These are the financial statements for Simpsons LtdBalance Sheetas at December AssetsCashAccounts receivableInventoryProperty, plant and equipmentAccumulated depreciationTotalLiabilities and equity Accounts payableIncome tax payable Debentures payableShare capitalRetained earningsTotal Statement of profit or lossfor the year ended December SalesCost of salesGross profit Selling expenses Administrative expenses Interest expense Profit before income tax Income tax expense Profit The following additional data were provided: The entity paid a cash dividend during the year During the year equipment was sold for cash. This equipment cost $ originally and had a carrying amount of $ at the time of sale All depreciation expense is in the selling expense category All operating expenses except for depreciation were paid in cash. Required:a Prepare a statement of cash flows using the direct methodb Comment on the results of the cash flow statement.
These are the financial statements for Simpsons LtdBalance Sheetas at December AssetsCashAccounts receivableInventoryProperty, plant and equipmentAccumulated depreciationTotalLiabilities and equity Accounts payableIncome tax payable Debentures payableShare capitalRetained earningsTotal Statement of profit or lossfor the year ended December SalesCost of salesGross profit Selling expenses Administrative expenses Interest expense Profit before income tax Income tax expense Profit The following additional data were provided: The entity paid a cash dividend during the year During the year equipment was sold for cash. This equipment cost $ originally and had a carrying amount of $ at the time of sale All depreciation expense is in the selling expense category All operating expenses except for depreciation were paid in cash. Required:a Prepare a statement of cash flows using the direct methodb Comment on the results of the cash flow statement.
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