Following information relate to Hawke Ltd for the financial year ended 2020 Hawke Ltd

Statement of Financial position As at 30 June 2020

Assets

Cash at bank Accounts receivable Inventory 200000 Prepaid insurance 12000 Interest receivable 400 Investments 80000

Question 3

Week 3 (7 Marks)

2020

2019

 100000 172000 208000 

20000 600 40000 720000 -180000 1080600

 128000 16000 12000 

800000

124600

1080600

84200 208000

Plant and equipment Less: Accumulated depreciation Total assets Liabilities Accounts payable Provision for employee benefits Other expenses payable Equity Share capital Retained earnings Total liabilities and equity

800000 -200000 1184600

 152000 24000 8000 

800000

200600

1184600

HI5020 Corporate Accounting Tutorial Assignment T3 2020

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Hawke Ltd Statement of Financial performance For the period ended 30 June 2020

Income

2020

$1,920,000 $4,000 $1,924,000

$1,344,000 $260,000 $32,000 $8,000 $80,000

$44,000 $1,768,000 $156,000

Sales revenue Interest revenue on investments Less: Expenses Cost of sales Employee expenses Insurance expense Loss on sale of equipment Depreciation expense plant and equipment Other expenses Profit for the year

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:

1. (a) Cash collected from customers (1 mark)

2. (b) Cash paid to suppliers (2 marks)

3. (c) Cash paid to employees for wages and salary (1 mark)

4. (d) Cash spent on plant and equipment (1 mark)

5. (e) Proceeds from sale of equipment (1 mark)

6. (f) Cash paid for insurance (1 mark)