Reference no: EM133056348
Question - Callum of Coastal Collections wants to get a home loan. The bank has asked Callum for Statement of Cash Flows for his business for the last financial year.
Callum took money out of the business for his own use $24,000
Cash paid to purchase equipment $28,800
Cash received from Bank loan $48,000
Cash received from customers $89,600
Cost of Goods Sold $38,400
Credit Purchases $5,120
Depreciation expense related to equipment for the period $1,920
GST paid in cash $3,360
Interest paid $192
Made a loss of $5,600 from the sale of equipment for $3,200 cash that originally cost $8,800 four years ago?
Monies deposited into the business by Callum Coastal $19,200
Payments to employees and suppliers $56,000
Repayments to Bank re. loan $4,480
Required - Use the relevant information provided to prepare a Statement of cash flows for Coastal Collections for the 2021 financial year.