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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Following information relate to Hawke Ltd for the financial year ended 2020 Hawke Ltd
|
2020 |
2019 |
|
|
Assets |
||
|
Cash at bank |
84200 |
100000 |
|
|
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
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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