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 | 2019 | |
| 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 | |
| Other expenses | $44,000 | $1,768,000 |
| Profit for the year | $156,000 |
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:
- 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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