Here is a statement of financial position for Milford Sound Cruise Boats Pty Ltd. Additional information: 1. Profit for 2022 was $176 400. Total expenses were $1 466 640 and included cost of sales expense $887 040, interest paid $25 200, and tax expense $75 600. 2. Cash dividends of $72 240 were declared and paid. 3. Notes payable amounting

Sep 8, 2023

Here is a statement of financial position for Milford Sound Cruise Boats Pty Ltd.

 

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Here is a statement of financial position for Milford Sound Cruise Boats Pty Ltd. Additional information: 1. Profit for 2022 was $176 400. Total expenses were $1 466 640 and included cost of sales expense $887 040, interest paid $25 200, and tax expense $75 600. 2. Cash dividends of $72 240 were declared and paid. 3. Notes payable amounting
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Additional information:

1. Profit for 2022 was $176 400. Total expenses were $1 466 640 and included cost of sales expense $887 040, interest paid $25 200, and tax expense $75 600.

2. Cash dividends of $72 240 were declared and paid.

3. Notes payable amounting to $84 000 were redeemed for cash $84 000.

4. Ordinary shares were issued for $84 000 cash.

5. Sales for 2022 were $1 643 040.

6. Land was sold at cost.

Required

(a) Prepare a statement of cash flows for 2022 using the direct method.

 

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