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Problem -
ELMO Ltd Cash Flow Statement For the year ended 30 June 2012
Sources of Cash:
$
Sales of inventory
185,000
Sale of Ordinary shares in the company
210,000
Sale of Investments
40,000
Depreciation of Plant and Equipment
27,500
Issue of a Bill Payable for the purchase of a delivery vehicle
10,000
Interest on Investments
3,000
TOTAL SOURCES OF CASH:
475,500
Applications of Cash
Purchase of inventory
129,000
Operating expenses (including depreciation)
80,000
Purchase of Plant and Equipment
170,000
Purchase of Investments (details of sale above)
37,500
Purchase of delivery vehicle by issuing a Bill payable
Buyback of company shares
5,000
Interest on Bill Payable
1,500
TOTAL APPLICATIONS OF CASH
433,000
NET INCREASE IN CASH
$42,500
Your colleague is excited with the results that are shown in this statement. However your tutor is not convinced that the statement has been prepared according to the instructions provided in the course text and the associated course materials. The class has been asked to look at it again and prepare a corrected version.
Required: Using the information provided, prepare a properly formatted statement of cash flows using the direct method. Note: The only non-cash items are the depreciation and the gain on sale of the investments. *The cash balance at the beginning of 2012 was given as being $70 000.
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