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Bulls Ltd. has a December 31 fiscal year-end, and the controller of the company is currently complet

Bulls Ltd. has a December 31 fiscal year-end, and the controller of the company is currently completing the financial statements of the company in order to present them at the next board meeting. He completed most of the work, but did not get around to finishing the cash flow statement. He gives you the following financial information in order for you to help him with the preparation of the cash flows.

Balance sheet

2010

2009

Cash

£ 38,500

£ 8,000

Accounts receivable, net

20,000

29,500

Merchandise inventory

37,000

38,000

Prepaid Insurance

9,500

15,000

Land

54,500

40,600

Equipment, at cost

104,500

90,700

Less: Accumulated amortisation

(30,500)

(15,500)

Patent

49,000

53,200

Total assets

£ 282,500

£ 259,500

Accounts payable

£ 58,500

£ 42,000

Income taxes payable

16,500

11,500

Advertising payable

5,000

Dividends payable

40,000

10,000

Notes payable

40,000

83,000

Share capital

93,000

78,500

Retained earnings

29,500

34,500

Total liabilities and shareholders’ equity

£ 282,500

£ 259,500

Sales

£ 1,090,000

Cost of goods sold

672,000

Gross profit

418,000

Operating expense

Salaries expense

195,000

Advertising expense

35,000

Rent expense

67,500

Insurance expense

34,500

Amortisation expense

25,000

Total operating expenses

357,000

Income from operations

61,000

Interest expense

2,500

Gain on sale of equipment

7,500

Income before income taxes

66,000

Income tax expense

4,000

Net income

£ 62,000

Additional information:

1. Bulls Ltd. purchased equipment of £36,300 in cash during the year.

2. Bulls Ltd. sold equipment for cash during the year.

3. No patent has been purchased nor sold in the year.

4. Accounts payable relates solely to transactions with suppliers for inventory.

Complete the following:

1. Prepare a complete cash flow statement using the indirect method for the 2010 fiscal year.

2. Compute the following amounts:

1. Cash collected from clients during the year

2. Cash paid for advertising expense

3. Cash paid to suppliers for inventory

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