naining Time: 24 minutes, 18 seconds.stion Completion Status:A Click Submit to complete this assessment.stion 1Sama Inc. has prepared the following comparative statement of financial position for 2019 and 2020:20202019Plant assetsAccumulated depreciation1,160,000(400,000)153,00018,000102,000559,000495,0001,290,000(375,000)177,00037,000180,000PatentPrepaid expensesInventoryReceivables7,00040,000CashShare capital- preferenceShare premium – preferenceShare capital – ordinaryRetained earningsMortgage payableAccounts payableAccrued liabilities91,000553,00060,000525,00066,000450,000168,00042,000120,000638,000140,000600,000The income statement for 2020 is as follows:SalesCost of salesGross loss3,890,0003,908,000(18,000)(690,000)(708,000)Operating expensesNet lossAdditional information:Depreciation expense and amortization expense are included in the operating expense.Required:1. How much is the cash received from customers? (SHOW YOUR CALCULATIONS)2. How much is the cash paid to suppliers? (SHOW YOUR CALCULATIONS)3. How much is the cash paid for operating expenses? (SHOW YOUR CALCULATIONS)For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).ParagraphArial10ptA V1T99X田田用EX<>rch

epared Towing comparative statement of financial position for 2019 and 2020: 2020 1,160,000 (400,000) 153,000 18,000 102,000 559,000 495,000 2019 Plant assets 1,290,000 (375,000) 177,000 37,000 180,000 117,000 40,000 Accumulated depreciation Patent Prepaid expenses Inventory Receivables Cash Share capital- preference Share premium – preference Share capital- ordinary Retained earnings Mortgage payable Accounts payable Accrued liabilities 91,000 66,000 450,000 168,000 42,000 553,000 60,000 525,000 120,000 638,000 140,000 600,000 The income statement for 2020 is as follows: Sales Cost of sales 3,890,000 3,908,000 (18,000) (690,000) (708,000) Gross loss Operating expenses Net loss Additional information:"Depreciation expense and amortization expense are included in the operating expense. Required: 1. How much is the cash received from customers? (SHOW YOUR CALCULATIONS) 2. How much is the cash paid to suppliers? (SHOW YOUR CALCULATIONS) 3. How much is the cash paid for operating expenses? (SHOW YOUR CALCULATIONS)

epared Towing comparative statement of financial position for 2019 and 2020: 2020 1,160,000 (400,000) 153,000 18,000 102,000 559,000 495,000 2019 Plant assets 1,290,000 (375,000) 177,000 37,000 180,000 117,000 40,000 Accumulated depreciation Patent Prepaid expenses Inventory Receivables Cash Share capital- preference Share premium – preference Share capital- ordinary Retained earnings Mortgage payable Accounts payable Accrued liabilities 91,000 66,000 450,000 168,000 42,000 553,000 60,000 525,000 120,000 638,000 140,000 600,000 The income statement for 2020 is as follows: Sales Cost of sales 3,890,000 3,908,000 (18,000) (690,000) (708,000) Gross loss Operating expenses Net loss Additional information:"Depreciation expense and amortization expense are included in the operating expense. Required: 1. How much is the cash received from customers? (SHOW YOUR CALCULATIONS) 2. How much is the cash paid to suppliers? (SHOW YOUR CALCULATIONS) 3. How much is the cash paid for operating expenses? (SHOW YOUR CALCULATIONS)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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