Following information relate to Hawke Ltd for the financial year ended 2017

Hawke Ltd Statement of Financial position

As at 30 June 2017

	2017	2016
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 2017

 

	2017	2016
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:

1. Cash collected from customers (1 mark)
2. Cash paid to suppliers (2 marks)
3. Cash paid to employees for wages and salary (1 mark)
4. Cash spent on plant and equipment (1 mark)
5. Proceeds from sale of equipment (1 mark)
6. Cash paid for insurance (1 mark)