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Course Code ACT 501 Course Title Financial and Managerial Accounting Sara Computer Sales (SAS) has supplied the following list of transactions for his business. The
Course Code ACT 501 Course Title Financial and Managerial Accounting
Course Code | ACT 501 |
Course Title | Financial and Managerial Accounting |
Sara Computer Sales (SAS) has supplied the following list of transactions for his business. The accounting period commenced 1 July 2019 and continues until 30 June 2020.
- Sara commenced business with $20 000 cash contribution to the business
- Sara bought a motor vehicle for $15 000 cash on 31.12.2002 & bought $15 000 worth of computers
- $8000 is borrowed. It is to be repaid by instalment at $2000 per annum
- Cash sales are $65 000 & Credit sales are $45 000 with $40 000 being received by the end of the financial year from debtors
- Wages paid are $37 500
- Sara receives $600 per year from a magazine commission. To date she has received $400
- Rent is $200 per month and Sara has paid eleven months in this financial year and for Advertising she paid $10 000 & Other expenses total $13 000 and they have been paid in cash
Prepare a cash flow statement for the year ended 30.6.2020. In preparing the report for the cash flow statement, classify cash inflows and outflows into
- Operating
- Investing
- Financing items
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