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|
|Plant and equipment||800000||720000|
|Less: Accumulated depreciation||-200000||-180000|
|Provision for employee benefits||24000||16000|
|Other expenses payable||8000||12000|
|Total liabilities and equity||1184600||1080600|
Statement of Financial performance
For the period ended 30 June 2020
|Interest revenue on investments||$4,000||$1,924,000|
|Cost of sales||$1,344,000|
|Loss on sale of equipment||$8,000|
|Depreciation expense – plant and equipment||$80,000|
|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.
Required: 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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