Q.1Using the following financial data given,prepare the statement of income for the sixmonths ended 30 June 20X1 and the statement of financial position adjusted to anaccrual basis.3Below is the information about the cash flows for the six months ended 30 June 20X1 ofDollars limited (a US firm):Receipts $187,000,Materials purchased $137,000,Services paid for S$20,700 and Rent paidS7,850.Additional information that now has to be taken into account relating to the half year’stransactions:Invoices issued to customers but unpaid totaled $28,500;Invoices received from suppliersbut unpaid totaled S37 500 Invoices for services received but unpaid totaled S850 and halfof the S6,700 payment for rent related to the following half year.In addition,the cash flow statement to calculate the net cash balance are as followsTotalOperating cashS21.450New capitalS50.000Lease payment$(80,000)Cash balance$(8,550)
