Following information relate to Hawke Ltd for the financial year ended 2020
Statement of Financial position
As at 30 June 2020
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
Accounts payable 152000 128000
Provision for employee benefits 24000 16000
Other expenses payable 8000 12000
Share capital 800000 800000
Retained earnings 200600 124600
Total liabilities and equity 1184600 1080600
Statement of Financial performance
For the period ended 30 June 2020
Sales revenue $1,920,000
Interest revenue on investments $4,000 $1,924,000
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
Other expenses $44,000 $1,768,000
Profit for the year $156,000
The loss on sale of equipment relates to an item that originally cost $80 000 and had a carrying amount
of $20000 when sold.
Calculate the following:
Cash collected from customers.
Cash paid to suppliers.
Cash paid to employees for wages and salary
Cash spent on plant and equipment.
Proceeds from sale of equipment.
Cash paid for insurance.
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