The following information relates to Brunswick Ltd.
- At the beginning of the accounting period the company has a wages payable liability of $300 and at the reporting date a wages payable of $720. During the year the wages expense shown in the income statement was $700.
- At the beginning of the accounting period the company has property plant and equipment (PPE) with a carrying amount of $800. At the end of the accounting period, the carrying amount of the PPE is $2,400. During the year depreciation charged was $160, a revaluation surplus of $480 was recorded and PPE with a carrying amount of $120 was sold for $160.
- At the beginning of the accounting period the company has retained earnings of $5,000 and at the end of the accounting period the balance of the retained earnings is $4,600. The reported profit for the year was $5,500.
- Brunswick Ltd also provides you with the following information on its sale and collection of accounts receivable:
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- Sales for the year $35,000
- Discounts provided to customers for early payment $900
- Doubtful debts expense for the year $500
- Opening balance of accounts receivable $8,200
- Closing balance of accounts receivable $6,400
- Opening balance of the allowance for doubtful debts $720
- Closing balance of the allowance for doubtful debts $640
Required:
- Calculate the cash paid for wages
- Calculate the cash paid to purchase new PPE
- Calculate the dividend paid
- Calculate cash collected from customers
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