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.
Accounts receivable, net
Equipment, at cost
Less: Accumulated amortisation
Income taxes payable
Total liabilities and shareholders equity
Cost of goods sold
Total operating expenses
Income from operations
Gain on sale of equipment
Income before income taxes
Income tax expense
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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