The financial statements for the business of Trinh’s Nail
The financial statements for the business of Trinh’s Nail Supplies for the past twoyears are presentedbelow.TRINH’S NAIL SUPPLIESComparative Income StatementsTRINH’S NAIL SUPPLIESComparative Statements of Financial PositionAssessment InformationCOMMONWEALTH OF AUSTRALIA CopyrightRegulations 1969This material has been reproduced and communicated to you by or on behalf of Kaplan Business School pursuant to Part VB of theCopyright Act 1968 (‘Act’). Thematerial in this communication may be subject to copyright under the Act. Any further reproduction or communication of thismaterial by you may be the subject ofcopyright protection under the Act. Kaplan Business School is a part of Kaplan Inc., a leading global provider of educational services.Kaplan Business School PtyLtd ABN 86 098 181 947 is a registered higher education provider CRICOS Provider Code 02426B.Additional informationOctober 23, 2015a. All purchases and sales of inventories are on credit. All purchases of officesupplies are for cash.b. The bank overdraft is considered to be part of the entity’s cash managementfunction.c. During the year ended 30 June 2017, the owner, Trinh, withdrew $12??800 in cashfor personal use.d. The entity sold some fixtures for $1200 cash during the current year. Thesefixtures initially cost$4200 and had been written down to a carrying amount at the date of sale of$2000.e. Depreciation of fixtures has been included in ‘other expenses’ for the year ended30 June 2017. Allremaining other expenses were paid in cash.Required1. Prepare the statement of cash flows for Trinh’s Nail Supplies for the year ended30 June 2017,using the direct method.2. Comment on the cash flow position of the entity as shown in the statement ofcash flows.October 23, 2015
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