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Following information relate to Hawke Ltd for the financial year ended 2020 Hawke Ltd Statement of Financial position As at 30 June 2020   2020 2019 Assets     Cash at bank 84200 100000 Accounts receivable 208000 172000 Required;     1.Cash collected from customers   2.Cash paid to suppliers    3.Cash paid to employees for wages and salary

Following information relate to Hawke Ltd for the financial year ended 2020 Hawke Ltd Statement of Financial position As at 30 June 2020   2020 2019 Assets     Cash at bank 84200 100000 Accounts receivable 208000 172000 Required;     1.Cash collected from customers   2.Cash paid to suppliers    3.Cash paid to employees for wages and salary

FINANCIAL ACCOUNTING
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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Following information relate to Hawke Ltd for the financial year ended 2020 Hawke Ltd

Statement of Financial position As at 30 June 2020

 

2020

2019

Assets

    

Cash at bank

84200

100000

Accounts receivable

208000

172000
Required;
 

  1.Cash collected from customers 

 2.Cash paid to suppliers 

  3.Cash paid to employees for wages and salary 

 4.Cash spent on plant and equipment 

 5.Proceeds from sale of equipment 

 6.Cash paid for insurance 

Inventory 200000 208000 Prepaid insurance 12000 20000 Interest receivable 400 600 80000 40000 Investments 800000 720000 Plant and equipment Less: Accumulated depreciation -200000 -180000 1184600 1080600 Total assets Liabilities 152000 128000 Accounts payable Provision for employee benefits Other expenses payable Equity Share capital 24000 16000 8000 12000 800000 800000 200600 124600 Retained earnings 1184600 1080600 Total liabilities and equity Hawke Ltd Statement of Financial performance For the period ended 30 June 2020 2020 Income $1,920,000 $4,000 Sales revenue $1,924,000 Interest revenue on investments Less: Expenses $1,344,000 Cost of sales $260,000 Employee expenses Insurance expense $32,000 $8,000 Loss on sale of equipment Depreciation expense-plant and equipment Other expenses $80,000 $44,000 $1,768,000 $156,000 Profit for the year Additional information The loss on sale of equipment relates to an item that originally cost $80 000 and had a carrying amount of $20000 when sold.
Transcribed Image Text:Inventory 200000 208000 Prepaid insurance 12000 20000 Interest receivable 400 600 80000 40000 Investments 800000 720000 Plant and equipment Less: Accumulated depreciation -200000 -180000 1184600 1080600 Total assets Liabilities 152000 128000 Accounts payable Provision for employee benefits Other expenses payable Equity Share capital 24000 16000 8000 12000 800000 800000 200600 124600 Retained earnings 1184600 1080600 Total liabilities and equity Hawke Ltd Statement of Financial performance For the period ended 30 June 2020 2020 Income $1,920,000 $4,000 Sales revenue $1,924,000 Interest revenue on investments Less: Expenses $1,344,000 Cost of sales $260,000 Employee expenses Insurance expense $32,000 $8,000 Loss on sale of equipment Depreciation expense-plant and equipment Other expenses $80,000 $44,000 $1,768,000 $156,000 Profit for the year Additional information The loss on sale of equipment relates to an item that originally cost $80 000 and had a carrying amount of $20000 when sold.
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