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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Following information relate to Hawke Ltd for the financial year ended 2020       Information provided in the images.       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.
Required: Calculate the following:
(a) Cash collected from customers and 
Cash paid to suppliers 
(b) Cash paid to employees for wages and salary and Cash spent on plant and equipment 
(c) Proceeds from sale of equipment and
Cash paid for insurance 

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