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Prepare journal entries, a cash flow statement and an income statement for the following:
1. salary expense: $95,000
- Interest revenue: $10,000
- Collection of interest receivable: $6,000
- Payment of salaries: $100,000
- Credit sales: $350,000
- Loan to another company: $45,000
- Proceeds from sale of non-current assets: $20,000; including $2,000 loss
- Collections from customers: $359,000
- Cash receipt of dividends revenue on share investments: $3,000
- Payments to suppliers: $314,000
- Cash sales: $89,000
- Depreciation expense: $29,000
- Proceeds from issue of short-term debt: $38,000
- Payment of long-term debt: $45,000
- Interest expense and payments, $9,000
- Loan collections, $55,000
- Proceeds from sale of investments: $21,000 including $16,000 gain
- Amortization expense: $5,000
- Purchases of inventory on credit: $297,000
- Income tax expense and payments: $14,000
- Cash payments to acquire non-current assets: $81,000
- Cost of Goods Sold: $283,000
- Bank Statements showing cash balance: 30 June 2016 $66,000, 30 June 2017 $49,000
