please answer text form. QUESTION THREE[50]The following extracts of the financial statements of Rockgrip Industries were presented to you:Statement of Comprehensive Income (Income statement) for the year ended 30 June:20208 260 000(2 020 000)6 240 000(4 860 000)1380 000180 0001 200 000320 0001880 000SalesCost of salesGross profitOperating expensesOperating prontInterest expenseProfit before taxTaxProfit after taxAssetsNon-current assetsOmice machineryMotor vehiclesCurrent assetsStatement of Financial Position (Balance sheet) as at 30 June:2020InventoriesDebtorsBankEquity and LiabilitiesOwners equityOrdinary share capitalRetained earningsNon-current llabilities10% Debentures-2019Current llabllidesCreditorsReceiver of revenue: TaxDividend payabile3 600 0001120 000600 000500 000320 0002 000 0001640 0001 800 00020156 060 000(1520 000)4 540 000(3 960 000)580 00080 000)500 000300 000120 000280 000120 000)380 0004 720 0001420 0006140 0003 640 0001 800 000700 0006 140 0003 200 0001240 000480 000520 000380 0003 000 0001120 000800 000560 00060 000260 000201914 440 0001380 0005 820 0004 120 000800 000900 0005820 000Additional information:1. All sales and purchases are made oncredit.2. Depreciation included in operatingexpenses for the year ending 30 June2020:Office machinery R200 000 and Motorvehicles R240 000. No asset was soldduring this period.3. Inventories for the year ending 30June 2018 amounted to R460 000.4. Dividend declared for the year ended30 June 2020 amounted to R360 000.5. The ordinary shares have a par valueof R1Required:Prepare the Cash flow statement ofRockgrip Industries for the yearending 30 June 2020 using theindirect method.

Indirect Method of cash flows : 1. The indirect method for a cash flow statement is a way to present…

Answered: Required: Prepare the Cash flow…

Required: Prepare the Cash flow statement of Rockgrip Industries for the year ending 30 June 2020 using the indirect method.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter18: Accounting For Income Taxes

Section: Chapter Questions

Problem 6C: Intel-period Tax Allocation Chris Green, CPA, is auditing Rayne Co.s 2019 financial statements. For...

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