Prepare the cash flow statement for the year ended

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Reference no: EM133921552

Problem

The summarized Statement of Comprehensive Income for the two years ended 31 December 2023 and 2024 are as follows:

	31 December 2023	31 December 2024
	$	$
Gross Profit	551,568	494,800
Less Expenses	305,568	433,200
	246,000	61,600
Profit on sale of fixed asset		50,400
Net Profit before tax	246,000	112,000
Taxation	(36000)	(28000)
Net Profit after tax	210,000	84,000

The following information is also available:

I. Non-Current Asset sold during the year cost $136, 000, was sold for $55,200 and had accumulated depreciation thereon of $131,200.
II. The increase in the share capital was due to a rights issue. Get the instant assignment help.
III. The company bought fixed assets at cost $216 000 during the year.
IV. A proposed dividend for 2024 of $32,000 was declared and approved.

Task

I. Prepare the cash flow statement for the year ended 2024.
II. Outline the purpose of a cash flow statement.

Reference no: EM133921552

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