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Practice Questions: Question 1: Rad Ltd sells vinyls and music related merchandise. For the year ended 30 June 2021, Rad Ltd recorded a Profit after tax of $32,000 after deducting from sales of $978,000 the following expenses: cost of sales $565,000, depreciation on buildings $80,000, bad debts $15,000, interest $35,000, discount allowed $3,000, other accrued expenses $200,100, and income tax $47,900. The following additional information is available from Rad Ltd statement of financial position as at 30 June 2021:                                                                                                           2021             2020               $             $ Accounts Receivable             49,300             37,800 Allowance for doubtful debts             (5,000)             (3,000) Inventory             94,200             96,600 Prepaid expenses             19,000             15,000 Deferred tax asset             12,000             14,400 Accounts payable             58,000             45,400 Provision for employee benefits             21,000             18,000 Other accrued expenses 23,500 25,000 Interest payable             40,000             20,000 Current tax liability             13,500             15,000 Deferred tax liability             22,000             20,900                         Required: Calculate and prepare Cash Flows from Operating Activities (an extract from the Statement of Cash Flows) in accordance with AASB107 for the year ended 30 June 2021 Use the direct method. Question 2 Divine Ltd reported the following information for the year ended 30 June 2021:   2021 2020   $ $ Land 300,000 250,000 Buildings 650,000 175,000 Accumulated depreciation (235,000) (100,000) Plant 570,000 490,000 Accumulated depreciation (280,000) (175,000) Asset revaluation surplus – land 45,000 10,000   Additional information: Land was revalued during the year. The tax rate is 30%. Plant with a cost of $60,000 and an accumulated depreciation of $15,000 was sold for cash during the year. A gain on sale of plant $18,000 was recorded in the profit or loss statement. Plant was also purchased during the year. A new building was purchased: $350,000 was paid for by borrowing arrangements with the bank and the balance was paid in cash. There were no buildings sold. Required: Calculate and prepare Cash Flows from Investing Activities (an extract from the Statement of Cash Flows) in accordance with AASB107 for the year ended 30 June 2021. Question 3 Pretty Ltd reported the following information for the year ended 30 June 2021:   2021 2020 Bank overdraft 9,000 4,500 Dividend payable 20,000 18,000 Bank loan 210,000 180,000 Share Capital 475,000 390,000 Retained earnings 176,500 210,000 Profit after tax 25,500     Additional information:                                                                       An interim dividend was paid during the year: $30,000 was paid by way of a bonus share issue, the remainder of the interim dividend was paid in cash. Land was purchased during the year, with part payment made by taking out a bank loan of $50,000. Repayments on bank loans for the year amounted to $40,000. Required: Calculate and prepare Cash Flows from Financing Activities (an extract from the Statement of Cash Flows) in accordance with AASB107 for the year ended 30 June 2021.